Ashford (AINC) 10-Q 13 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Nov. 09, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-36400
Entity Registrant Name	ASHFORD INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	84-2331507
Entity Address, Address Line One	14185 Dallas Parkway
Entity Address, Address Line Two	Suite 1200
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75254
City Area Code	972
Local Phone Number	490-9600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,213,975
Entity Central Index Key	0001604738
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	AINC
Security Exchange Name	NYSEAMER
Preferred Stock Purchase Rights
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Security Exchange Name	NYSEAMER
No Trading Symbol Flag - Preferred Stock	true

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 28,018	$ 44,390
Restricted cash	36,215	37,058
Restricted investment	88	303
Inventories	2,544	2,143
Prepaid expenses and other	14,062	11,226
Total current assets	120,165	125,026
Investments	7,542	4,217
Property and equipment, net	54,942	41,791
Operating lease right-of-use assets	22,140	23,844
Goodwill	61,013	58,675
Intangible assets, net	216,184	226,544
Other assets, net	1,118	2,259
Total assets	483,104	482,356
Current liabilities:
Accounts payable and accrued expenses	42,067	56,079
Dividends payable	28,318	27,285
Deferred income	673	444
Notes payable, net	4,145	5,195
Finance lease liabilities	426	1,456
Operating lease liabilities	4,076	3,868
Claims liabilities and other	32,677	25,630
Total current liabilities	115,964	121,169
Deferred income	7,971	7,356
Deferred tax liability, net	27,613	27,873
Deferred compensation plan	1,370	2,849
Notes payable, net	119,241	89,680
Finance lease liabilities	2,947	1,962
Operating lease liabilities	20,180	20,082
Other liabilities	3,716	3,237
Total liabilities	299,002	274,208
Commitments and contingencies (note 10)
MEZZANINE EQUITY
Redeemable noncontrolling interests	1,764	1,614
EQUITY (DEFICIT)
Common stock, 100,000,000 shares authorized, $0.001 par value, 3,317,786 and 3,181,585 shares issued and 3,213,975 and 3,110,044 shares outstanding at September 30, 2023 and December 31, 2022, respectively	3	3
Additional paid-in capital	299,365	297,715
Accumulated deficit	(595,717)	(568,482)
Accumulated other comprehensive income (loss)	(30)	78
Treasury stock, at cost, 103,811 and 71,541 shares at September 30, 2023 and December 31, 2022, respectively	(1,331)	(947)
Total equity (deficit) of the Company	(297,710)	(271,633)
Noncontrolling interests in consolidated entities	2,048	167
Total equity (deficit)	(295,662)	(271,466)
Total liabilities, mezzanine equity and equity (deficit)	483,104	482,356
Series D Convertible Preferred Stock
Current liabilities:
Dividends payable	28,300	27,100
MEZZANINE EQUITY
Series D Convertible Preferred Stock, $0.001 par value, 19,120,000 shares issued and outstanding as of September 30, 2023 and December 31, 2022	478,000	478,000
Nonrelated Party
Current assets:
Accounts receivable, net	31,038	17,615
Current liabilities:
Accounts payable and accrued expenses	42,067	56,079
Related Party | Other Affiliated Entities
Current assets:
Due from related parties	575	463
Current liabilities:
Due to affiliates and related party	49	15
Related Party | Ashford Trust
Current assets:
Due from related parties	7,625	0
Current liabilities:
Due to affiliates and related party	0	1,197
Deferred income	360
Related Party | Braemar
Current assets:
Due from related parties	0	11,828
Current liabilities:
Due to affiliates and related party	3,533	$ 0
Deferred income	$ 100

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Allowance for credit loss	$ 1,251	$ 175
Investments	$ 4,500	$ 0
EQUITY (DEFICIT)
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	3,317,786	3,181,585
Common stock, shares outstanding (in shares)	3,213,975	3,110,044
Treasury stock (in shares)	103,811	71,541
Series D Convertible Preferred Stock
MEZZANINE EQUITY
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares outstanding (in shares)	19,120,000	19,120,000
Preferred stock, shares issued (in shares)	19,120,000	19,120,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
REVENUE
Total revenues	$ 181,215	$ 164,608	$ 559,047	$ 466,020
EXPENSES
Salaries and benefits	22,728	21,328	68,132	54,776
Depreciation and amortization	7,084	8,096	21,074	23,740
General and administrative	10,702	8,390	32,759	25,926
Other	5,377	5,750	17,163	16,886
Reimbursed expenses	107,869	96,576	317,023	259,665
Total expenses	180,611	161,813	547,278	447,940
OPERATING INCOME (LOSS)	604	2,795	11,769	18,080
Equity in earnings (loss) of unconsolidated entities	(327)	(147)	(1,174)	110
Interest expense	(3,650)	(2,966)	(9,909)	(6,781)
Amortization of loan costs	(269)	(219)	(775)	(524)
Interest income	522	76	1,239	195
Realized gain (loss) on investments	(80)	(3)	(160)	(74)
Other income (expense)	(75)	(22)	259	(134)
INCOME (LOSS) BEFORE INCOME TAXES	(3,275)	(486)	1,249	10,872
Income tax (expense) benefit	205	(617)	(1,642)	(5,971)
NET INCOME (LOSS)	(3,070)	(1,103)	(393)	4,901
Net (income) loss from consolidated entities attributable to noncontrolling interests	190	272	692	830
Net (income) loss attributable to redeemable noncontrolling interests	(111)	(158)	(399)	(290)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(2,991)	(989)	(100)	5,441
Preferred dividends, declared and undeclared	(9,054)	(9,029)	(27,132)	(27,422)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (12,045)	$ (10,018)	$ (27,232)	$ (21,981)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (3.87)	$ (3.38)	$ (8.88)	$ (7.59)
Weighted average common shares outstanding (in shares)	3,116	2,960	3,065	2,895
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (3.87)	$ (3.38)	$ (9.18)	$ (7.64)
Weighted average common shares outstanding (in shares)	3,116	2,960	3,130	2,960
Advisory services fees
REVENUE
Total revenues	$ 11,712	$ 12,255	$ 36,129	$ 36,026
Hotel management fees
REVENUE
Total revenues	12,391	12,876	39,456	33,474
Design and construction fees
REVENUE
Total revenues	7,430	6,276	21,964	15,538
EXPENSES
Cost of revenues	2,975	1,789	9,430	5,905
Audio visual
REVENUE
Total revenues	30,641	26,159	112,347	87,101
EXPENSES
Cost of revenues	23,876	19,884	81,697	61,042
Other
REVENUE
Total revenues	11,175	10,391	32,057	33,902
Cost reimbursement revenue
REVENUE
Total revenues	$ 107,866	$ 96,651	$ 317,094	$ 259,979

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ (3,070)	$ (1,103)	$ (393)	$ 4,901
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Foreign currency translation adjustment	29	(214)	(108)	96
COMPREHENSIVE INCOME (LOSS)	(3,041)	(1,317)	(501)	4,997
Comprehensive (income) loss attributable to noncontrolling interests	190	272	692	830
Comprehensive (income) loss attributable to redeemable noncontrolling interests	(111)	(158)	(399)	(290)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ (2,962)	$ (1,203)	$ (208)	$ 5,537

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interests in Consolidated Entities	Convertible Preferred Stock	Redeemable Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2021		3,023,000
Beginning balance at Dec. 31, 2021	$ (241,765)	$ 3	$ 294,395	$ (534,999)	$ (1,206)	$ (596)	$ 638		$ 69
Beginning balance (in shares) at Dec. 31, 2021						(49,000)
Beginning balance (in shares) at Dec. 31, 2021								19,120,000
Beginning balance at Dec. 31, 2021								$ 478,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)		110,000
Equity-based compensation	3,354		3,354						112
Contributions from noncontrolling interests	327						327
Forfeiture of restricted common shares (in shares)		(3,000)				(3,000)
Forfeiture of restricted common shares	0		40			$ (40)
Purchase of treasury stock (in shares)		(15,000)				(15,000)
Purchase of treasury stock	(241)					$ (241)
Dividends on preferred stock, declared and undeclared	27,422			27,422
Acquisition of Chesapeake									1,390
Employee advances	(251)		(251)
Reallocation of carrying value	0		(469)				469
Redemption value adjustment	(16)			(16)					16
Distributions to consolidated noncontrolling interests	(32)						(32)		(145)
Foreign currency translation adjustment	96				96
Other				(639)	639
Net income (loss)	5,441			5,441
Net income (loss)	4,611						(830)		290
Ending balance (in shares) at Sep. 30, 2022		3,115,000
Ending balance at Sep. 30, 2022	(261,339)	$ 3	297,069	(557,635)	(471)	$ (877)	572		1,732
Ending balance (in shares) at Sep. 30, 2022						(67,000)
Ending balance (in shares) at Sep. 30, 2022								19,120,000
Ending balance at Sep. 30, 2022								$ 478,000
Beginning balance (in shares) at Dec. 31, 2021		3,023,000
Beginning balance at Dec. 31, 2021	$ (241,765)	$ 3	294,395	(534,999)	(1,206)	$ (596)	638		69
Beginning balance (in shares) at Dec. 31, 2021						(49,000)
Beginning balance (in shares) at Dec. 31, 2021								19,120,000
Beginning balance at Dec. 31, 2021								$ 478,000
Ending balance (in shares) at Dec. 31, 2022	3,110,044	3,110,000
Ending balance at Dec. 31, 2022	$ (271,466)	$ 3	297,715	(568,482)	78	$ (947)	167		1,614
Ending balance (in shares) at Dec. 31, 2022	(71,541)					(71,000)
Ending balance (in shares) at Dec. 31, 2022								19,120,000
Ending balance at Dec. 31, 2022								$ 478,000
Beginning balance (in shares) at Jun. 30, 2022		3,116,000
Beginning balance at Jun. 30, 2022	$ (252,803)	$ 3	295,461	(547,602)	(257)	$ (867)	459		1,509
Beginning balance (in shares) at Jun. 30, 2022						(66,000)
Beginning balance (in shares) at Jun. 30, 2022								19,120,000
Beginning balance at Jun. 30, 2022								$ 478,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	1,814		1,814						50
Contributions from noncontrolling interests	163						163
Forfeiture of restricted common shares (in shares)		(1,000)				(1,000)
Forfeiture of restricted common shares	0		10			$ (10)
Dividends on preferred stock, declared and undeclared	9,029			9,029
Employee advances	6		6
Reallocation of carrying value	0		(222)				222
Redemption value adjustment	(15)			(15)					15
Foreign currency translation adjustment	(214)				(214)
Net income (loss)	(989)			(989)
Net income (loss)	(1,261)						(272)		158
Ending balance (in shares) at Sep. 30, 2022		3,115,000
Ending balance at Sep. 30, 2022	$ (261,339)	$ 3	297,069	(557,635)	(471)	$ (877)	572		1,732
Ending balance (in shares) at Sep. 30, 2022						(67,000)
Ending balance (in shares) at Sep. 30, 2022								19,120,000
Ending balance at Sep. 30, 2022								$ 478,000
Beginning balance (in shares) at Dec. 31, 2022	3,110,044	3,110,000
Beginning balance at Dec. 31, 2022	$ (271,466)	$ 3	297,715	(568,482)	78	$ (947)	167		1,614
Beginning balance (in shares) at Dec. 31, 2022	(71,541)					(71,000)
Beginning balance (in shares) at Dec. 31, 2022								19,120,000
Beginning balance at Dec. 31, 2022								$ 478,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation (in shares)		136,000
Equity-based compensation	$ 1,685		1,686				(1)		264
Contributions from noncontrolling interests	118		(43)				161
Forfeiture of restricted common shares (in shares)		(1,000)				(1,000)
Forfeiture of restricted common shares	0		25			$ (25)
Purchase of treasury stock (in shares)		(31,000)				(31,000)
Purchase of treasury stock	(359)					$ (359)
Asset acquisition of TSGF L.P.	2,413						2,413
Dividends on preferred stock, declared and undeclared	27,132			27,132
Employee advances	(18)		(18)
Redemption value adjustment	(3)			(3)					3
Distributions to consolidated noncontrolling interests	0								(516)
Foreign currency translation adjustment	(108)				(108)
Net income (loss)	(100)			(100)
Net income (loss)	$ (792)						(692)		399
Ending balance (in shares) at Sep. 30, 2023	3,213,975	3,214,000
Ending balance at Sep. 30, 2023	$ (295,662)	$ 3	299,365	(595,717)	(30)	$ (1,331)	2,048		1,764
Ending balance (in shares) at Sep. 30, 2023	(103,811)					(103,000)
Ending balance (in shares) at Sep. 30, 2023								19,120,000
Ending balance at Sep. 30, 2023								$ 478,000
Beginning balance (in shares) at Jun. 30, 2023		3,214,000
Beginning balance at Jun. 30, 2023	$ (286,350)	$ 3	299,039	(583,673)	(59)	$ (1,324)	(336)		1,726
Beginning balance (in shares) at Jun. 30, 2023						(103,000)
Beginning balance (in shares) at Jun. 30, 2023								19,120,000
Beginning balance at Jun. 30, 2023								$ 478,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	365		365				0		100
Contributions from noncontrolling interests	118		(43)				161
Forfeiture of restricted common shares	0		7			$ (7)
Asset acquisition of TSGF L.P.	2,413						2,413
Dividends on preferred stock, declared and undeclared	9,054			9,054
Employee advances	(3)		(3)
Redemption value adjustment	1			1					(1)
Distributions to consolidated noncontrolling interests	0								(172)
Foreign currency translation adjustment	29				29
Net income (loss)	(2,991)			(2,991)
Net income (loss)	$ (3,181)						(190)		111
Ending balance (in shares) at Sep. 30, 2023	3,213,975	3,214,000
Ending balance at Sep. 30, 2023	$ (295,662)	$ 3	$ 299,365	$ (595,717)	$ (30)	$ (1,331)	$ 2,048		$ 1,764
Ending balance (in shares) at Sep. 30, 2023	(103,811)					(103,000)
Ending balance (in shares) at Sep. 30, 2023								19,120,000
Ending balance at Sep. 30, 2023								$ 478,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities
Net income (loss)	$ (393)	$ 4,901
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	26,231	28,431
Change in fair value of deferred compensation plan	(1,479)	(567)
Equity-based compensation	1,944	3,591
Equity in (earnings) loss in unconsolidated entities	1,174	(110)
Deferred tax expense (benefit)	(1,826)	(3,622)
Change in fair value of contingent consideration	430	300
(Gain) loss on disposal of assets	1,032	837
Amortization of other assets	166	497
Amortization of loan costs	775	524
Realized loss on investment	160	74
Other (gain) loss	743	70
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Accounts receivable	(13,694)	(9,643)
Due from affiliates	(112)	(91)
Inventories	(368)	(361)
Prepaid expenses and other	(1,055)	3,804
Investment in unconsolidated entities	0	150
Operating lease right-of-use assets	2,739	2,580
Other assets	(55)	(3)
Accounts payable and accrued expenses	(16,336)	7,627
Due to affiliates	51	232
Claims liabilities and other	4,946	724
Operating lease liabilities	(2,912)	(2,589)
Deferred income	728	(2,943)
Net cash provided by (used in) operating activities	9,878	24,087
Cash Flows from Investing Activities
Additions to property and equipment	(17,479)	(8,002)
Proceeds from sale of property and equipment, net	24	418
Asset acquisition of TSGF L.P., net of cash acquired	(2,226)	0
Investments	0	(400)
Proceeds from note receivable	1,000	1,380
Issuance of notes receivable	(1,269)	0
Net cash provided by (used in) investing activities	(25,805)	(12,967)
Cash Flows from Financing Activities
Payments for dividends on preferred stock	(26,099)	(35,219)
Payments on revolving credit facilities	(17,516)	(2,910)
Borrowings on revolving credit facilities	17,982	1,092
Proceeds from notes payable	28,739	68,674
Payments on notes payable	(2,924)	(30,062)
Payments on finance lease liabilities	(321)	(918)
Payments of loan costs	(409)	(2,694)
Purchase of treasury stock	(359)	(241)
Employee advances	(18)	(251)
Contributions from noncontrolling interest	118	327
Distributions to noncontrolling interests in consolidated entities	(516)	(177)
Net cash provided by (used in) financing activities	(1,323)	(2,379)
Effect of foreign exchange rate changes on cash and cash equivalents	35	(5)
Net change in cash, cash equivalents and restricted cash	(17,215)	8,736
Cash, cash equivalents and restricted cash at beginning of period	81,448	72,449
Cash, cash equivalents and restricted cash at end of period	64,233	81,185
Supplemental Cash Flow Information
Interest paid	9,868	6,556
Income taxes paid (refunded), net	7,876	4,137
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Acquisition of Chesapeake through issuance of Series CHP Units from our subsidiary Ashford Holdings	0	1,390
Acquisition of Alii Nui through issuance of RED Units	2,000	0
Acquisition related contingent consideration liability	1,000	1,670
Capital expenditures accrued but not paid	776	317
Finance lease additions	277	585
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	28,018	44,071
Restricted cash	36,215	37,114
Cash, cash equivalents and restricted cash at end of period	64,233	81,185
RHC
Cash Flows from Investing Activities
Payments to acquire business	849	0
Alii Nui Maui
Cash Flows from Investing Activities
Payments to acquire business	(6,704)	0
Chesapeake
Cash Flows from Investing Activities
Payments to acquire business	0	(6,363)
Ashford Trust
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from related parties	(7,625)	(1,908)
Due to Ashford Trust	(747)	0
Braemar
Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Due from related parties	11,828	(8,418)
Due to Ashford Trust	$ 3,533	$ 0

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Ashford Inc. (the “Company,” “we,” “us” or “our”), a Nevada corporation, is an alternative asset management company with a portfolio of strategic operating businesses that provides products and services primarily to clients in the real estate and hospitality industries, including Ashford Hospitality Trust, Inc. (“Ashford Trust”) and Braemar Hotels & Resorts, Inc. (“Braemar”). We became a public company in November 2014, and our common stock is listed on the NYSE American LLC (“NYSE American”). We provide: (i) advisory services; (ii) asset management services; (iii) hotel management services; (iv) design and construction services; (v) event technology and creative communications solutions; (vi) mobile room keys and keyless entry solutions; (vii) watersports activities and other travel, concierge and transportation services; (viii) hypoallergenic premium room products and services; (ix) debt placement and related services; (x) real estate advisory and brokerage services; and (xi) wholesaler, dealer manager and other broker-dealer services. We conduct these activities and own substantially all of our assets primarily through Ashford Hospitality Advisors LLC (“Ashford LLC”), Ashford Hospitality Services LLC (“Ashford Services”) and their respective subsidiaries. We are currently the advisor for Ashford Trust and Braemar. In our capacity as the advisor to Ashford Trust and Braemar, we are responsible for implementing the investment strategies and managing the day-to-day operations of Ashford Trust and Braemar and their respective hotels from an ownership perspective, in each case subject to the respective advisory agreements and the supervision and oversight of the respective boards of directors of Ashford Trust and Braemar. Ashford Trust is focused on investing in full-service hotels in the upscale and upper upscale segments in the United States that have revenue per available room (“RevPAR”) generally less than twice the U.S. national average. Braemar invests primarily in luxury hotels and resorts with RevPAR of at least twice the U.S. national average. Each of Ashford Trust and Braemar is a real estate investment trust (“REIT”) as defined in the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and the common stock of each of Ashford Trust and Braemar is traded on the New York Stock Exchange (the “NYSE”). We provide the personnel and services that we believe are necessary for each of Ashford Trust and Braemar to conduct their respective businesses. We may also perform similar functions for new or additional platforms. In our capacity as an advisor, we are not responsible for managing the day-to-day operations of Ashford Trust or Braemar’s individual hotel properties, which duties are, and will continue to be, the responsibility of the hotel management companies that operate such hotel properties. Additionally, Remington Lodging & Hospitality, LLC (“Remington”), a subsidiary of the Company, operates certain hotel properties for Ashford Trust, Braemar and third parties. Other Developments On January 3, 2023, the Company acquired Remington Hotel Corporation (“RHC”), an affiliate owned by Mr. Monty J. Bennett, our Chairman and Chief Executive Officer and the Chairman of Ashford Trust and Braemar, and his father, Mr. Archie Bennett, Jr., Chairman Emeritus of Ashford Trust, from which the Company leases the offices for our corporate headquarters in Dallas, Texas. The purchase price paid was de minimis. The transaction was accounted for as an asset acquisition. See note 15. On February 1, 2023, the Company, Ashford Trust and Braemar (collectively, the “Parties” and each individually a “Party”) entered into a Third Amended and Restated Contribution Agreement with respect to the funding of certain operating expenses of Ashford Securities LLC, a subsidiary of the Company (“Ashford Securities”). The Third Amended and Restated Contribution Agreement states that after reaching the earlier of $400 million in aggregate non-listed preferred equity offerings or other debt or equity offerings through Ashford Securities or June 10, 2023 (the “Amended and Restated True-Up Date”) capital contributions to Ashford Securities for the remainder of fiscal year 2023 will be divided between each Party based on the actual amount of capital raised by such Party through Ashford Securities. Thereafter on a yearly basis at year-end, starting with the year-end of 2023, there will be a true-up between the Parties whereby there will be adjustments so that the capital contributions made by each Party will be based on the cumulative amount of capital raised by each Party through Ashford Securities as a percentage of the total amount raised by the Parties collectively through Ashford Securities since June 19, 2019 (the resulting ratio of capital contributions among the Company, Ashford Trust and Braemar following this true-up, the “Cumulative Ratio”). Thereafter, the capital contributions will be divided among each Party in accordance with the Cumulative Ratio, as recalculated at the end of each year. On March 17, 2023, RED Hospitality & Leisure LLC (“RED”) acquired certain privately held entities and assets associated with the Alii Nui and Maui Dive Shop (“Alii Nui”), which provides luxury sailing and watersports experiences in Maui, Hawaii, for a total purchase price of $11.0 million, excluding working capital adjustments. The purchase price consisted of $8.0 million in cash, subject to certain adjustments, $1.0 million of contingent consideration and 80,000 Preferred Units issued by RED (the “RED Units”) issued at $25 per unit for a total liquidation value of $2.0 million. See note 4. On March 24, 2023, Inspire Event Technologies Holdings, LLC (“INSPIRE”) amended its credit agreement dated as of November 1, 2017 (the “INSPIRE Amendment”). The INSPIRE Amendment increased the maximum borrowing capacity under INSPIRE’s revolving credit facility (the “Revolving Note”) from $3.0 million to $6.0 million, provides for a $20.0 million senior secured term loan (“Term Note”) and an equipment note (“Equipment Note” and together with the Revolving Note and the Term Note, the “Notes”) pursuant to which, until September 24, 2027, INSPIRE may request advances up to $4.0 million in the aggregate to purchase new machinery or equipment to be used in the ordinary course of business. The INSPIRE Amendment extended the maturity date of INSPIRE’s Notes from January 1, 2024 to March 24, 2028. See note 6. On May 15, 2023, the Company and Computershare Trust Company, N.A., a federally chartered trust company (the “Rights Agent”) entered into Amendment No. 1 (“Amendment No. 1”) to the Rights Agreement dated as of August 30, 2022 (the “Rights Agreement”). Our board of directors implemented the rights plan by declaring (i) a dividend to the holders of the Company’s common stock of one preferred share purchase right (a “Right”) for each share of common stock and (ii) a dividend to the holders of the Company’s Series D Convertible Preferred Stock of one Right in respect of each share of the Company’s common stock issuable upon conversion of the Series D Convertible Preferred Stock. The dividends were distributed on September 9, 2022, to our stockholders of record on that date. Each of those Rights become exercisable on the date on which the Rights separate and begin trading separately from our common stock and entitles the registered holder to purchase from the Company one one-thousandth of a share of our Series F Preferred Stock, par value $0.001 per share (“Series F Preferred Stock”), at a price of $275 per one one-thousandth of a share of our Series F Preferred Stock represented by such Right, subject to adjustment. Pursuant to Amendment No. 1, the Rights Agreement was amended to (i) extend the final expiration date with respect to the Company’s Rights until July 30, 2024, and (ii) decrease the beneficial ownership threshold in the definition of an acquiring person from 10% to 7%. The value of the Rights was de minimis. On August 21, 2023, the Company invested $2.5 million to acquire 51% of the equity of the Texas Strategic Growth Fund, L.P. (“TSGF L.P.”), a fund which provides a growth-oriented investment product focused on commercial real estate in the State of Texas. The Company consolidated TSGF L.P. as of the investment date as management concluded TSGF L.P. is a variable interest entity (“VIE”) for which the Company is considered the primary beneficiary. Our interests in TSGF L.P. were accounted for as an asset acquisition. The approximately $5.0 million of total assets consolidated include an investment of $4.5 million, $274,000 of cash and cash equivalents and other immaterial assets related to working capital. Change in Control On August 8, 2023, the 40% voting cap under the Investor Rights Agreement, dated November 6, 2019 and entered into by and among the Company, Mr. Archie Bennett Jr. and Mr. Monty J. Bennett (the “Bennetts”) and other holders of the Company’s Series D Convertible Preferred Stock (the “Investor Rights Agreement”), expired. As a result, the Bennetts may now vote their full ownership interests in the Company as they determine at their sole discretion. Upon the expiration of the voting cap, the Bennetts controlled a majority of the Company’s voting securities, resulting in a change of control of the Company. As of August 8, 2023, the Bennetts owned approximately 610,261 shares of our common stock and owned 18,758,600 shares of our Series D Convertible Preferred Stock (the “Series D Convertible Preferred Stock”), which, along with all unpaid accrued and accumulated dividends thereon, is convertible at a price of $117.50 per share into approximately 4,152,301 shares of Ashford Inc. common stock, resulting in a combined ownership interest in Ashford Inc. of approximately 64.6%. The Company elected the accounting policy option as allowed under ASC 805, Business Combinations, to continue to use Ashford Inc.’s historical accounting basis rather than apply pushdown accounting.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation and Principles of Consolidation —The accompanying historical unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These condensed consolidated financial statements include the accounts of Ashford Inc., its majority-owned subsidiaries and entities that it controls. All significant intercompany accounts and transactions between these entities have been eliminated in these historical condensed consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the condensed consolidated financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in our 2022 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 17, 2023. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires significant judgment. Noncontrolling Interests —The following tables present information about noncontrolling interests in our consolidated subsidiaries, including those related to consolidated VIEs, as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 Ashford OpenKey (3) Pure (4) TSGF L.P. (5) Ashford Inc. ownership interest 99.49 % 76.78 % 70.00 % 49.00 % Redeemable noncontrolling interests (1) (2) 0.51 % — % — % — % Noncontrolling interests in consolidated entities — % 23.22 % 30.00 % 51.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 1,764 n/a n/a n/a Redemption value adjustment, year-to-date 3 n/a n/a n/a Redemption value adjustment, cumulative 614 n/a n/a n/a Carrying value of noncontrolling interests n/a (375) (138) 2,561 Assets, available only to settle subsidiary’s obligations (6) n/a 1,819 1,257 5,047 Liabilities (7) n/a 849 1,854 19 Notes payable (7) n/a 237 — — Revolving credit facility (7) n/a — 150 — December 31, 2022 Ashford OpenKey (3) Pure (4) Ashford Inc. ownership interest 99.87 % 76.79 % 70.00 % Redeemable noncontrolling interests (1) (2) 0.13 % — % — % Noncontrolling interests in consolidated entities — % 23.21 % 30.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 1,614 n/a n/a Redemption value adjustment, year-to-date 32 n/a n/a Redemption value adjustment, cumulative 613 n/a n/a Carrying value of noncontrolling interests n/a 273 (106) Assets, available only to settle subsidiary’s obligations (6) n/a 2,114 1,580 Liabilities (7) n/a 1,078 2,048 Revolving credit facility (7) n/a — 150 ________ (1) Redeemable noncontrolling interests are included in the “mezzanine” section of our condensed consolidated balance sheets as they may be redeemed by the holder for cash or registered shares in certain circumstances outside of the Company’s control. The carrying value of the noncontrolling interests is based on the greater of the accumulated historical cost or the redemption value, which is generally fair value. (2) Redeemable noncontrolling interests in Ashford Hospitality Holdings LLC (“Ashford Holdings”) represent the members’ proportionate share of equity in earnings/losses of Ashford Holdings. Net income/loss attributable to the common unit holders is allocated based on the weighted average ownership percentage of the members’ interest. (3) Represents ownership interests in OpenKey, Inc. (“OpenKey”), a VIE for which we are considered the primary beneficiary and therefore we consolidate it. OpenKey is a hospitality-focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. (4) Represents ownership interests in PRE Opco, LLC (“Pure Wellness”), a VIE for which we are considered the primary beneficiary and therefore we consolidate it. Pure Wellness provides hypoallergenic premium rooms in the hospitality and commercial office industry. See note 11. (5) Represents ownership interests in TSGF L.P. a VIE for which we are considered the primary beneficiary and therefore we consolidate it. See note 4. (6) Total assets consist primarily of cash and cash equivalents, property and equipment and other assets that can only be used to settle the subsidiaries’ obligations. (7) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. See note 6. Investments —Our subsidiary TSGF L.P. is accounted for as an investment company in accordance with GAAP under ASC 946. TSGF L.P.’s investment is reflected in “investments” in our condensed consolidated balance sheets at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of “other income (expense)” in our condensed consolidated statements of operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, at current market conditions (i.e., the exit price). The fair value of TSGF L.P.’s investment as of September 30, 2023 was $4.5 million. See note 8. We additionally hold an investment in an unconsolidated variable interest entity with a carrying value of $500,000 at September 30, 2023 and December 31, 2022. We account for the investment at fair value based on recent observable transactions as we do not exercise significant influence over the entity. No equity in earnings (loss) of unconsolidated entities due to a change in fair value of the investment was recognized during the three and nine months ended September 30, 2023 and 2022. In the event that the assumptions used to determine fair value change in the future, we may be required to record an impairment charge related to this investment. We review our equity method investments for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its fair value is less than the carrying amount of our investment. No such impairment was recorded during the three and nine months ended September 30, 2023 and 2022. Our investment in Real Estate Advisory Holdings LLC (“REA Holdings”) is accounted for under the equity method as we have significant influence over the voting interest entity. We have an option to acquire an additional 50% of the ownership interests in REA Holdings for $12.5 million beginning on January 1, 2022, which expires on the later of (i) February 28, 2024 and (ii) 30 business days following the completion date of the Company’s audit for calendar year 2023. The following table summarizes our carrying value and ownership interest in REA Holdings (in thousands): September 30, 2023 December 31, 2022 Carrying value of the investment in REA Holdings $ 1,892 $ 3,067 Ownership interest in REA Holdings 30 % 30 % The following table summarizes our equity in earnings (loss) in REA Holdings (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Equity in earnings (loss) in unconsolidated entities REA Holdings $ (327) $ (147) $ (1,174) $ 110 Acquisitions —We account for acquisitions and investments in businesses as business combinations if the target meets the definition of a business and (a) the target is a VIE and we are the target’s primary beneficiary, and therefore we must consolidate its financial statements, or (b) we acquire more than 50% of the voting interest of the target and it was not previously consolidated. We record business combinations using the acquisition method of accounting, which requires all of the assets acquired and liabilities assumed to be recorded at fair value as of the acquisition date. The excess of the purchase price over the estimated fair values of the net tangible and intangible assets acquired is recorded as goodwill. The application of the acquisition method of accounting for business combinations requires management to make significant estimates and assumptions in the determination of the fair value of assets acquired and liabilities assumed in order to properly allocate purchase price consideration between assets that are depreciated and amortized from goodwill. The fair value assigned to tangible and intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. Significant assumptions and estimates include, but are not limited to, the cash flows that an asset is expected to generate in the future and the appropriate weighted-average cost of capital. If the actual results differ from the estimates and judgments used in these estimates, the amounts recorded in our condensed consolidated financial statements may be exposed to potential impairment of the intangible assets and goodwill. If our investment involves the acquisition of an asset or group of assets that does not meet the definition of a business, the transaction is accounted for as an asset acquisition. An asset acquisition is recorded at cost, which includes capitalizing transaction costs, and does not result in the recognition of goodwill. Use of Estimates —The preparation of these condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents —Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase. Restricted Cash —Restricted cash was comprised of the following (in thousands): September 30, 2023 December 31, 2022 Advisory: Insurance claim reserves (1) $ 29,258 $ 23,471 Remington: Managed hotel properties’ reserves (2) 4,085 11,464 Insurance claim reserves (3) 2,872 2,123 Total Remington restricted cash 6,957 13,587 Total restricted cash $ 36,215 $ 37,058 ________ (1) Ashford Inc.’s Risk Management department collects funds from the Ashford Trust and Braemar properties and their respective management companies in an amount equal to the actuarial forecast of that year’s expected casualty claims and associated fees. These funds are deposited into restricted cash and used to pay casualty claims throughout the year as they are incurred. The claim liability related to the restricted cash balance is included in “claims liabilities and other” in our condensed consolidated balance sheets. (2) Cash received from hotel properties managed by Remington is used to pay certain centralized operating expenses as well as hotel employee bonuses. The liability related to the restricted cash balance for centralized billing is primarily included as a payable which is presented net within “due to/from Ashford Trust” and “due from Braemar” in our condensed consolidated balance sheets. The liability related to the restricted cash balance for hotel employee bonuses is included in “accounts payable and accrued expenses” in our condensed consolidated balance sheets. (3) Cash reserves for health insurance claims are collected primarily from Remington’s managed properties as well as certain of Ashford Inc.’s other subsidiaries to cover employee health insurance claims. The liability related to this restricted cash balance is included in “claims liabilities and other” in our condensed consolidated balance sheets. Accounts Receivable —Accounts receivable consists primarily of receivables from customers of audio visual services and third-party owned properties managed by Remington. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments for services. The allowance is maintained at a level adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions and other relevant factors, including specific reserves for certain accounts. Notes Receivable —Notes receivable were comprised of the following (in thousands): September 30, 2023 December 31, 2022 Remington note receivable (1) $ 525 $ 1,506 Ashford LLC note receivable (2) 1,075 535 REA Holdings affiliate (3) 830 — Total notes receivable $ 2,430 $ 2,041 ________ (1) Remington holds a note receivable from a third party which matures on January 31, 2024. The interest rate on the note receivable is 10% per annum with payments of interest payable quarterly commencing March 31, 2023. As of September 30, 2023 and December 31, 2022, the outstanding principal balance is included in “prepaid expenses and other” and “other assets, net,” respectively, in our condensed consolidated balance sheets. (2) Ashford LLC holds a note receivable from a third party. The note bears interest at 8% per annum, compounding annually. Interest is paid in-kind and added to the outstanding principal balance until the note maturity date of November 11, 2026. The note receivable is recorded in “other assets, net” in our condensed consolidated balance sheet. (3) On April 3, 2023, the Company entered into a note receivable with an affiliate of REA Holdings. Principal plus any accrued interest is due to the Company on demand or, in the absence of any demand, 24 months. Interest is paid in-kind and added to the outstanding principal balance until the note maturity date. The interest rate on the note receivable is 7.5% per annum. The note receivable is recorded in “prepaid expenses and other” in our condensed consolidated balance sheet. Property and Equipment, net —Property and equipment, including assets acquired under finance leases, is depreciated using the straight-line method over estimated useful lives or lease terms if shorter. We record property and equipment at cost. As of September 30, 2023 and December 31, 2022, property and equipment, net of accumulated depreciation, included enhanced return funding program (“ERFP”) assets of $3.2 million and $5.9 million, audio visual equipment at INSPIRE of $14.3 million and $8.8 million and marine vessels at RED of $19.0 million and $14.2 million, respectively. Claims Liabilities and Other —As of September 30, 2023 and December 31, 2022, claims liabilities and other included reserves in the amount of $28.8 million and $23.5 million, respectively, related primarily to Ashford Trust and Braemar properties’ insurance claims and related fees. The liability for casualty insurance claims and related fees is established based upon an analysis of historical data and actuarial estimates. We record the related funds received from Ashford Trust and Braemar in “restricted cash” in our condensed consolidated balance sheets. As of September 30, 2023 and December 31, 2022, claims liabilities and other also included $2.5 million and $2.2 million, respectively, relating to reserves for Remington health insurance claims and, as of September 30, 2023, cash consideration liabilities of $1.3 million from the Company’s acquisition of Alii Nui. See notes 4 and 8. Other Liabilities —As of September 30, 2023, other liabilities included the contingent consideration liability from the Company’s acquisition of Chesapeake Hospitality (“Chesapeake”) of $2.8 million and an uncertain tax position of $966,000. As of December 31, 2022, other liabilities included a liability for contingent consideration from the Company’s acquisition of Chesapeake of $2.3 million and an uncertain tax position liability of $917,000. Revenue Recognition —See note 3. Income Taxes —We are a taxable corporation for federal and state income tax purposes. Income tax expense includes U.S. federal and state income taxes, Mexico and Dominican Republic income taxes and U.S. Virgin Islands taxes. In accordance with authoritative accounting guidance, we account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between our consolidated financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. The “Income Taxes” topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our portfolio companies file income tax returns in the U.S. federal jurisdiction and various states and cities, beginning in 2017, in Mexico and the Dominican Republic and, beginning in 2018, in the U.S. Virgin Islands. Tax years 2018 through 2022 remain subject to potential examination by certain federal and state taxing authorities. Recently Adopted Accounting Standards —In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) (“ASU 2019-10”). ASU 2019-10 revised the mandatory adoption date for public business entities that meet the definition of a smaller reporting company to be effective for fiscal years beginning after December 15, 2022. We adopted ASU 2016-13 and ASU 2019-10 effective January 1, 2023 and the adoption did not have a material impact on our condensed consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848 ) (“ASU 2020-04”), which provides optional guidance through December 31, 2022 to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. In January 2021, the FASB issued ASU 2021-01 , Reference Rate Reform (Topic 848), which further clarified the scope of the reference rate reform optional practical expedients and exceptions outlined in Topic 848. The amendments in ASU Nos. 2020-04 and 2021-01 apply to contract modifications that replace a reference rate affected by reference rate reform, providing optional expedients regarding the measurement of hedge effectiveness in hedging relationships that have been modified to replace a reference rate. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848) (“ASU 2022-06”), which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The Company applied the optional expedient in evaluating debt modifications converting from London Interbank Offered Rate (“LIBOR”) to Secured Overnight Financing Rate (“SOFR”). The Company adopted the standards upon the respective effective dates. There was no material impact as a result of this adoption. Recently Issued Accounting Standards —In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt - Debt with Conversion and Other Options , that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share , to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. For smaller reporting companies, ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. The Company continues to evaluate whether the adoption of ASU 2020-06 will have any impact on the Company’s financial statements. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”), which incorporates certain SEC disclosure requirements into the FASB Accounting Standards Codification. The amendments in this ASU clarify or improve disclosure and presentation requirements of a variety of Topics in the Codification and apply to all reporting entities within the scope of the affected topics unless otherwise indicated. For entities subject to the SEC’s existing disclosure requirements, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The amendments in this ASU should be applied prospectively. The Company continues to evaluate whether the adoption of ASU 2023-06 will have any impact on the Company’s financial statements.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Revenue Recognition —Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, we satisfy a performance obligation In determining the transaction price, we include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The following provides detailed information on the recognition of our revenues from contracts with customers: Advisory Services Fees Revenue Advisory services fees revenue is reported within our Advisory segment and primarily consists of advisory fees that are recognized when services have been rendered. Advisory fees consist of base fees and incentive fees. For Ashford Trust, the base fee is paid monthly in an amount equal to 1/12 th of 0.70% of Ashford Trust’s total market capitalization plus the Net Asset Fee Adjustment, as defined in our Second Amended and Restated Advisory Agreement with Ashford Trust, as amended, subject to certain minimums. For Braemar, the base fee is paid monthly in an amount equal to 1/12 th of 0.70% of Braemar’s total market capitalization plus the Net Asset Fee Adjustment, as defined in our Fifth Amended and Restated Advisory Agreement with Braemar, as amended, subject to certain minimums. Incentive advisory fees are measured annually in each year that Ashford Trust’s and/or Braemar’s annual total stockholder return exceeds the average annual total stockholder return for each company’s respective peer group, subject to the Fixed Charge Coverage Ratio Condition (the “FCCR Condition”), as defined in the respective advisory agreements. Incentive advisory fees are paid over a three-year period and each payment is subject to the FCCR Condition, which relates to the ratio of adjusted EBITDA to fixed charges for Ashford Trust or Braemar, as applicable. Incentive advisory fees are a form of variable consideration and therefore must be (i) deferred until such fees are probable of not being subject to significant reversal, and (ii) tied to a performance obligation in the contract with the customer so that revenue recognition depicts the transfer of the related advisory services to the customer. Accordingly, the Company does not record incentive advisory fee revenue in interim periods prior to the fourth quarter of the year in which the incentive fee is measured. The first-year installment of incentive advisory fees will generally be recognized only upon measurement in the fourth quarter of the first year of the three-year period. The second- and third-year installments of incentive advisory fees are recognized as revenue on a pro rata basis each quarter subject to meeting the FCCR Condition. Hotel Management Fees Revenue Hotel management fees revenue is reported within our Remington segment and primarily consists of base management fees, incentive management fees and other management fees. Base management fees, incentive management fees and other management fees are recognized when services have been rendered. For hotels owned by Ashford Trust and Braemar, Remington receives base management fees of 3% of gross hotel revenue for managing the hotel employees and daily operations of the hotels, pursuant to Remington’s hotel management agreements, subject to a specified floor (which is subject to increase annually based on increases in the consumer price index). Remington additionally receives an incentive management fee for hotels owned by Ashford Trust and Braemar whenever a hotel’s gross operating profit (“GOP”) exceeds the hotel’s budgeted GOP. The incentive fee is equal to the lesser of 1% of each hotel’s annual gross revenue or the amount by which the respective hotel’s GOP exceeds the hotel’s budgeted GOP. The base management fees and incentive management fees that Remington receives for third-party owned properties vary by property. Other management fees primarily includes fees for health insurance programs administered on behalf of certain third-party properties. Health insurance program fees are recognized monthly at rates which approximate market rates for similar plans provided by independent insurance companies. Other management fees additionally includes fees for fixed monthly accounting services, revenue management services and other services at certain third-party properties. Design and Construction Fees Revenue Design and construction fees revenue primarily consists of revenue generated by our subsidiary, Premier Project Management LLC (“Premier”). Premier provides design and construction management services, capital improvements, refurbishment, project management, and other services such as purchasing, interior design, architectural services and freight management at properties. Premier receives fees for these services and recognizes revenue over time as services are provided to the customer. Audio Visual Revenue Audio visual revenue primarily consists of revenue generated within our INSPIRE segment by providing event technology services such as audio visual services, audio visual equipment rental, staging and meeting services and event-related communication systems as well as related technical support, to our customers in various venues including hotels and convention centers. Revenue is recognized in the period in which services are provided pursuant to the terms of the contractual arrangements with our customers. We also evaluate whether it is appropriate to present: (i) the gross amount that our customers pay for our services as revenue, and the related commissions paid to the venue as cost of revenue; or (ii) the net amount (gross revenue less the related commissions paid to the venue) as revenue. We are responsible for the delivery of the services, including providing the necessary labor and equipment to perform the services. We are generally subject to inventory risk, have latitude in establishing prices and selecting suppliers and, while in many cases the venue bills the end customer on our behalf, we bear the risk of collection from the customer. The venues’ commissions are not dependent on collections. As a result, our revenue is primarily reported on a gross basis. Cost of revenues for audio visual principally includes commissions paid to venues, direct labor costs, the cost of equipment sub-rentals, depreciation of equipment, amortization of signing bonuses, as well as other costs such as supplies, freight, travel and other overhead from our venue and customer facing operations and any losses on equipment disposal. Other Revenue Other revenue includes revenue provided by certain of our products and service businesses, including RED. RED’s revenue is primarily generated through the provision of watersports activities and ferry and excursion services. The revenue is recognized as services are provided based on contractual customer rates. Debt placement and related fees include revenue earned from providing placement, modifications, forbearances or refinancing of certain mortgage debt by our subsidiary, Lismore Capital II LLC (“Lismore”). For certain agreements, the fees are recognized based on a stated percentage of the loan amount when services have been rendered and the subject loan, modification or other transaction is closed. For other agreements, deferred income related to the various Lismore fees will be recognized over the term of the agreement on a straight-line basis as the service is rendered, only to the extent it is probable that a significant reversal of revenue will not occur. Constraints relating to variable consideration are resolved generally upon the closing of a transaction or financing event and the resulting change in the transaction price will be adjusted on a cumulative catch-up basis in the period a transaction or financing event closes. Cost Reimbursement Revenue Cost reimbursement revenue is recognized in the period we incur the related reimbursable costs. Under our advisory agreements and our Amended and Restated Contribution Agreement with Ashford Trust and Braemar (as defined below), we are entitled to be reimbursed for certain costs we incur on behalf of Ashford Trust and Braemar, with no added mark-up. These costs primarily consist of expenses related to Ashford Securities (as defined below), overhead, internal audit, risk management advisory services and asset management services, including compensation, benefits and travel expense reimbursements. We record cost reimbursement revenue for equity grants of Ashford Trust and Braemar common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Under our project management agreements and hotel management agreements, we are entitled to be reimbursed for certain costs we incur on behalf of Ashford Trust, Braemar and other hotel owners with no added mark-up. Design and construction costs primarily consist of costs for accounting, overhead and project manager services. Hotel management costs primarily consist of the properties’ payroll, payroll taxes and benefits-related expenses at managed properties where we are the employer of the employees at the properties as provided for in our contracts with Ashford Trust, Braemar and other hotel owners. The recognition of cost reimbursement revenue and reimbursed expenses for centralized software programs reimbursed by Ashford Trust and Braemar may result in temporary timing differences in our operating and net income. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. Certain of our consolidated entities enter into contracts with customers that contain multiple performance obligations. For these contracts, we account for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. We determine the standalone selling prices based on our consolidated entities’ overall pricing objectives taking into consideration market conditions and other factors, including the customer and the nature and value of the performance obligations within the applicable contracts. Practical Expedients and Exemptions We do not disclose the amount of variable consideration that we expect to recognize in future periods in the following circumstances: (1) if we recognize the revenue based on the amount invoiced or services performed; (2) if the consideration is allocated entirely to a wholly unsatisfied promise to transfer a distinct service that forms part of a single performance obligation, and the terms of the consideration relate specifically to our efforts to transfer, or to a specific outcome from transferring the service. Deferred Income and Contract Balances Deferred income primarily consists of customer billings in advance of revenue being recognized from our advisory agreements and other products and services contracts. Generally, deferred income that will be recognized within the next 12 months is recorded as current deferred income and the remaining portion is recorded as noncurrent. Current deferred income additionally includes customer deposits which could result in cash payments within the next 12 months. The change in the deferred income balance is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by revenue recognized that was included in the deferred income balance at the beginning of the period. The following tables summarize our consolidated deferred income activity (in thousands): Deferred Income 2023 2022 Balance as of June 30 $ 9,019 $ 8,680 Increases to deferred income 2,687 2,458 Recognition of revenue (1) (3,062) (3,175) Balance as of September 30 $ 8,644 $ 7,963 ________ (1) Revenue recognized in the three months ended September 30, 2023, which was previously included in deferred income includes (a) $809,000 of advisory revenue primarily related to our advisory agreements and our Amended and Restated Contribution Agreement with Ashford Trust and Braemar, (b) $34,000 of audio visual revenue and (c) $2.2 million of “other services” revenue earned by our products and services companies. Revenue recognized in the three months ended September 30, 2023 includes $4.0 million which was recorded in deferred income in our condensed consolidated balance sheet as of June 30, 2023. Deferred income recognized in the three months ended September 30, 2022, includes (a) $371,000 of advisory revenue primarily related to our advisory agreements and our Amended and Restated Contribution Agreement with Ashford Trust and Braemar, (b) $535,000 of audio visual revenue and (c) $1.6 million of “other services” revenue earned by our products and services companies. Deferred Income 2023 2022 Balance as of January 1 $ 7,800 $ 10,905 Increases to deferred income 9,512 8,247 Recognition of revenue (1) (8,668) (11,189) Balance as of September 30 $ 8,644 $ 7,963 ________ (1) Revenue recognized in the nine months ended September 30, 2023, which was previously included in deferred income includes (a) $629,000 of advisory revenue primarily related to our advisory agreements and our Amended and Restated Contribution Agreement with Ashford Trust and Braemar, (b) $1.5 million of audio visual revenue, and (c) $6.5 million of “other services” revenue earned by our products and services companies. Revenue recognized in the nine months ended September 30, 2023 includes $5.0 million which was recorded in deferred income in our condensed consolidated balance sheet as of December 31, 2022. Deferred income recognized in the nine months ended September 30, 2022 includes (a) $1.2 million of advisory revenue primarily related to our advisory agreements and our Amended and Restated Contribution Agreement with Ashford Trust and Braemar, (b) $2.2 million of audio visual revenue, (c) $2.3 million of other revenue related to Ashford Trust’s agreement with Lismore (see note 15), and (d) $4.8 million of “other services” revenue earned by our products and services companies, excluding Lismore. We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was primarily related to (i) reimbursed software costs that will be recognized evenly over the period the software is used to provide advisory services to Ashford Trust and Braemar, (ii) a $5.0 million cash payment received in June 2017 from Braemar in connection with our Fourth Amended and Restated Advisory Agreement with Braemar, which is recognized evenly over the 10-year initial contract period that we are providing Braemar advisory services, and (iii) debt placement and related fees that will be recognized over the term of the agreement on a straight-line basis as the service was rendered, only to the extent it was probable that a significant reversal of revenue would not occur. The timing of revenue recognition may differ from the timing of payment by customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred income until the performance obligations are satisfied. We had receivables related to revenues from contracts with customers of $23.7 million, $17.6 million and $7.6 million included in “accounts receivable, net” primarily related to our products and services segment, $7.6 million, $0 and $2.6 million in “due from Ashford Trust,” and $0, $11.8 million and $1.1 million included in “due from Braemar” related to advisory services at September 30, 2023, December 31, 2022 and December 31, 2021, respectively. See note 15. Disaggregated Revenue Our revenues were comprised of the following for the three and nine months ended September 30, 2023 and 2022, respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Advisory services fees: Base advisory fees $ 11,514 $ 12,124 $ 35,539 $ 35,637 Incentive advisory fees 67 — 201 — Other advisory revenue 131 131 389 389 Total advisory services fees revenue 11,712 12,255 36,129 36,026 Hotel management fees: Base fees 9,159 9,285 28,557 24,943 Incentive fees 925 2,242 3,966 6,113 Other management fees 2,307 1,349 6,933 2,418 Total hotel management fees revenue 12,391 12,876 39,456 33,474 Design and construction fees revenue 7,430 6,276 21,964 15,538 Audio visual revenue 30,641 26,159 112,347 87,101 Other revenue: Watersports, ferry and excursion services (1) 8,375 6,608 25,797 20,337 Debt placement and related fees (2) 1,714 125 3,125 3,298 Cash management fees (3) 34 — 213 — Claims management services 5 — 6 16 Other services (4) 1,047 3,658 2,916 10,251 Total other revenue 11,175 10,391 32,057 33,902 Cost reimbursement revenue 107,866 96,651 317,094 259,979 Total revenues $ 181,215 $ 164,608 $ 559,047 $ 466,020 REVENUES BY SEGMENT (5) Advisory $ 19,138 $ 20,053 $ 60,316 $ 58,668 Remington 106,812 93,756 314,454 255,062 Premier 10,605 9,582 30,780 22,893 INSPIRE 30,694 26,197 112,506 87,235 RED 8,398 6,616 25,866 20,354 OpenKey 373 389 1,184 1,184 Corporate and other 5,195 8,015 13,941 20,624 Total revenues $ 181,215 $ 164,608 $ 559,047 $ 466,020 ________ (1) Watersports, ferry and excursion services revenue is earned by RED, which includes RED’s legacy operations in the U.S. Virgin Islands and the Turks and Caicos Islands, Alii Nui, which provides luxury sailing and watersports experiences in Maui, Hawaii and Sebago, a provider of watersports activities and excursion services based in Key West, Florida. (2) Debt placement and related fees are earned by Lismore for providing placement, modification, forbearance or refinancing services to Ashford Trust and Braemar. (3) Cash management fees include revenue earned by providing active management and investment of Ashford Trust and Braemar’s excess cash in short-term U.S. Treasury securities. (4) Other services revenue relates primarily to other hotel services provided by our consolidated subsidiaries OpenKey and Pure Wellness, to Ashford Trust, Braemar and third parties. The three and nine months ended September 30, 2022 included the revenue of Marietta Leasehold LP (“Marietta”), which holds the leasehold rights to a single hotel and convention center property in Marietta, Georgia, and was acquired by Ashford Trust on December 16, 2022. (5) We have six reportable segments: Advisory, Remington, Premier, INSPIRE, RED and OpenKey. We combine the operating results of Pure Wellness and, for the three and nine months ended September 30, 2022, Marietta into an “all other” category, which we refer to as “Corporate and Other.” See note 17 for discussion of segment reporting. Geographic Information Our Advisory, Remington, Premier, OpenKey, and Corporate and Other reporting segments conduct their business primarily within the United States. Our INSPIRE reporting segment conducts business in the United States, Mexico and the Dominican Republic. RED conducts business in the United States, the U.S. Virgin Islands and the Turks and Caicos Islands, a territory of the United Kingdom. The following table presents revenue from INSPIRE and RED geographically for the three and nine months ended September 30, 2023 and 2022, respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 INSPIRE: United States $ 25,464 $ 21,986 $ 81,803 $ 68,114 Mexico 3,465 2,345 23,530 14,118 Dominican Republic 1,765 1,866 7,173 5,003 Total audio visual revenue $ 30,694 $ 26,197 $ 112,506 $ 87,235 RED: Continental United States $ 2,668 $ 2,968 $ 8,138 $ 8,801 Hawaii 1,460 — 3,729 — U.S. Virgin Islands 3,102 2,613 10,026 8,634 United Kingdom (Turks and Caicos Islands) 1,168 1,035 3,973 2,919 Total watersports, ferry and excursion services $ 8,398 $ 6,616 $ 25,866 $ 20,354

Business Combination

Business Combination	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combination	Business Combination Alii Nui On March 17, 2023, RED acquired certain privately held entities and assets associated with Alii Nui, which provides luxury sailing and watersports experiences in Maui, Hawaii, for a total purchase price of $11.0 million, excluding working capital adjustments. The purchase price consisted of $8.0 million in cash, subject to certain adjustments, $1.0 million of contingent consideration and 80,000 RED Units issued at $25 per unit for a total liquidation value of $2.0 million. The RED Units accrue interest at 6.5% per annum with required quarterly payments. The $8.0 million cash consideration includes $300,000 of cash held back by the Company to be paid eighteen months after the acquisition date (the “Holdback Date”), subject to certain conditions. The $1.0 million of contingent consideration is subject to Alii Nui obtaining a permit to operate a marine vessel (the “Permit”) prior to the Holdback Date, of which $500,000 is to be paid upon the later of January 15, 2024 or the date the Permit is obtained and the remaining $500,000 is to be paid on the Holdback Date, subject to certain conditions. Subsequent to the acquisition date, Alii Nui obtained approval to be issued the Permit upon registration of the marine vessel. Both the Company and the holders of the RED Units have the right to convert the RED Units at the liquidation value of $25 per unit three years after the acquisition date upon providing notice to the respective party. The Company may convert the RED Units by paying cash or a combination of cash or the Company’s common shares at the sole discretion of the Company (the “Call Right”). The holders of the RED Units may convert their RED Units for cash (the “Put Right”). Under current accounting guidance, the Call Right and the Put Right are accounted for on a combined basis as a form of financing the acquisition of Alii Nui and recorded as a non-current note payable of $2.0 million in our condensed consolidated balance sheet. The acquisition of Alii Nui was recorded using the acquisition method of accounting in accordance with the authoritative guidance for business combinations, and the purchase price allocation was based on our valuation of the fair value of the tangible and intangible assets acquired and liabilities assumed at the date of acquisition. The fair values of the assets acquired were determined using various valuation techniques, including an income approach. The fair value measurements were primarily based on significant inputs that are not directly observable in the market and are considered Level 3 under the fair value measurements and disclosure framework. Key assumptions include cash flow projections for Alii Nui and the discount rate applied to those cash flows. The excess of the purchase price over the estimated fair values of the identifiable net assets acquired was recorded as goodwill. For goodwill reporting purposes, the operations and goodwill for Alii Nui are included in our RED reporting unit as they are similar businesses. See note 5. We have allocated the purchase price to the assets acquired and liabilities assumed based upon our valuation of the fair value assigned to the RED Units, contingent consideration and intangible assets. In the third quarter of 2023, we finalized the valuation of the acquired assets and liabilities resulting in an increase to goodwill and deferred tax liabilities of $1.6 million from finalizing the tax basis of the acquired assets and the acquired business corporate entity. The fair value of the purchase price and final allocation of the purchase price are as follows (in thousands): Cash $ 7,700 Cash consideration payable 300 Contingent consideration 1,000 RED Units 2,000 Working capital adjustments 304 Total fair value of purchase price $ 11,304 Fair Value Estimated Useful Life Current assets including cash of $996 $ 1,286 Property and equipment, net 2,254 20 years Goodwill 2,338 Trademarks 1,600 Boat slip rights 6,250 20 years Total assets acquired 13,728 Current liabilities 857 Deferred tax liability 1,567 Total assumed liabilities 2,424 Net assets acquired $ 11,304 We do not expect any of the goodwill balance to be deductible for tax purposes. The qualitative factors that make up the recorded goodwill includes value attributable to growth opportunities to expand RED’s operations to new markets in Hawaii. Results of Alii Nui The results of operations of Alii Nui have been included in our results of operations since the acquisition date of March 17, 2023. Our condensed consolidated statements of operations for the three and nine months ended September 30, 2023 include total revenue from Alii Nui of $1.5 million and $3.7 million, respectively. In addition, our condensed consolidated statements of operations for the three and nine months ended September 30, 2023 include net loss from Alii Nui of $171,000 and $79,000, respectively. Pro Forma Financial Results The following table reflects the unaudited pro forma results of operations of the Company as if the Alii Nui acquisition had occurred on January 1, 2022, and the removal of $375,000 of transaction costs directly attributable to the acquisition (net of the incremental tax expense) for the nine months ended September 30, 2023 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total revenues $ 181,215 $ 166,685 $ 560,887 $ 472,270 Net income (loss) (3,070) (2,070) 85 4,869 Net income (loss) attributable to common stockholders (12,045) (10,985) (26,754) (22,013)

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, net	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, net	Goodwill and Intangible Assets, net Goodwill The carrying amount of goodwill as of September 30, 2023 is as follows (in thousands): Remington RED Corporate and Other (1) Consolidated Balance at December 31, 2022 $ 56,658 $ 1,235 $ 782 $ 58,675 Changes in goodwill: Additions (2) — 686 — 686 Adjustments (2) — 1,652 — 1,652 Balance at September 30, 2023 $ 56,658 $ 3,573 $ 782 $ 61,013 ________ (1) Corporate and Other includes the goodwill from the Company’s acquisition of Pure Wellness. (2) The additions and subsequent adjustments relate to RED’s acquisition of Alii Nui. See note 4. Intangible Assets Intangible assets, net as of September 30, 2023 and December 31, 2022, are as follows (in thousands): September 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts $ 114,731 $ (49,046) $ 65,685 $ 114,731 $ (40,519) $ 74,212 Premier management contracts 194,000 (61,959) 132,041 194,000 (53,415) 140,585 INSPIRE customer relationships 9,319 (6,366) 2,953 9,319 (5,527) 3,792 RED boat slip rights (1) 9,350 (835) 8,515 3,100 (535) 2,565 $ 327,400 $ (118,206) $ 209,194 $ 321,150 $ (99,996) $ 221,154 Gross Carrying Amount Gross Carrying Amount Indefinite-lived intangible assets: Remington trademarks $ 4,900 $ 4,900 RED trademarks (2) 2,090 490 $ 6,990 $ 5,390 ________ (1) Includes $6.3 million of boat slip rights acquired in RED’s acquisition of Alii Nui on March 17, 2023. See note 4. (2) Includes $1.6 million of trademarks acquired in RED’s acquisition of Alii Nui on March 17, 2023. See note 4. Amortization expense for definite-lived intangible assets was $6.1 million and $18.2 million for the three and nine months ended September 30, 2023, respectively. Amortization expense for definite-lived intangible assets was $6.5 million and $18.8 million for the three and nine months ended September 30, 2022, respectively. The useful lives of our customer relationships range from seven eight

Notes Payable, net

Notes Payable, net	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Notes Payable, net	Notes Payable, net Notes payable— Notes payable, net consisted of the following (in thousands): Indebtedness Borrower Maturity Interest Rate September 30, 2023 December 31, 2022 Credit facility (6) (9) Ashford Inc. April 1, 2027 Base Rate (1) + 6.35% or Adjusted Term SOFR (3) + 7.35% $ 87,000 $ 70,000 Note payable (6) (11) Ashford Inc. February 29, 2028 4.00% 1,300 1,495 Note payable (5) (17) OpenKey On demand 15.00% 237 — Term loan (5) (7) (10) INSPIRE March 24, 2028 BSBY Rate (2) + 2.75% 19,000 17,300 Revolving credit facility (5) (7) (10) INSPIRE March 24, 2028 BSBY Rate (2) + 2.75% 466 — Equipment note (5) (7) (10) INSPIRE March 24, 2028 BSBY Rate (2) + 2.75% 2,000 — Revolving credit facility (5) (12) Pure Wellness On demand Prime Rate (4) + 1.00% 150 150 Term loan (5) (8) (13) RED July 18, 2029 6.00% 1,654 1,596 Term loan (5) (8) RED April 18, 2024 6.50% 123 337 Term loan (5) (8) (14) RED August 5, 2029 Prime Rate (4) + 2.00% 815 858 Term loan (5) (8) RED August 5, 2029 Prime Rate (4) + 2.00% 1,868 1,980 Term loan (6) (8) RED August 5, 2029 Prime Rate (4) + 1.75% 2,758 3,006 Term loan (5) (8) (18) RED March 17, 2033 Prime Rate (4) + 1.50% 1,655 — Term loan (5) (8) (18) RED March 17, 2033 Prime Rate (4) + 1.50% 2,358 — Term loan (5) (8) (20) RED May 19, 2033 Prime Rate (4) + 1.00% 632 — Draw term loan (5) (8) (15) RED March 17, 2032 5.00% 971 641 Draw term loan (5) (8) (15) RED March 17, 2032 5.00% 1,009 640 Draw term loan (5) (8) (16) RED Various (16) Prime Rate (4) + 1.00% 1,419 1,099 Draw term loan (5) (8) (21) RED February 5, 2029 Prime Rate (4) + 1.25% 84 — RED Units (5) (19) RED See footnote (19) 6.50% 2,000 — Total notes payable 127,499 99,102 Capitalized default interest, net — 148 Deferred loan costs, net (2,643) (2,643) Original issue discount, net (9) (1,470) (1,732) Notes payable including capitalized default interest and deferred loan costs, net 123,386 94,875 Less current portion (4,145) (5,195) Total notes payable, net - non-current $ 119,241 $ 89,680 __________________ (1) Base Rate, as defined in the amended credit facility agreement with Mustang Lodging Funding LLC, is the greater of (i) the Wall Street Journal prime rate, (ii) the federal funds rate plus 0.50%, (iii) Adjusted Term SOFR plus 1.00%, or (iv) 1.25%. (2) The Daily Adjusting Bloomberg Short-Term Bank Yield Index rate (the “BSBY Rate”) was 5.39% at September 30, 2023. (3) Adjusted Term SOFR is the one-month forward-looking SOFR rate plus 0.03%. Adjusted Term SOFR was 5.35% at September 30, 2023. (4) The Prime Rate was 8.50% and 7.50% at September 30, 2023 and December 31, 2022, respectively. (5) Creditors do not have recourse to Ashford Inc. (6) Creditors have recourse to Ashford Inc. (7) INSPIRE’s revolving credit facility and equipment note are collateralized primarily by INSPIRE’s eligible receivables, including accounts receivable, due from Ashford Trust and due from Braemar, with a total carrying value of $10.1 million as of September 30, 2023. INSPIRE’s term loan is collateralized by substantially all of the assets of INSPIRE. (8) RED’s loans are collateralized primarily by RED’s marine vessels and associated leases with a carrying value of $17.7 million and $13.6 million as of September 30, 2023 and December 31, 2022, respectively. (9) On March 31, 2023, the Company amended its Credit Agreement (the “Credit Agreement”), previously entered into on April 1, 2022, with Mustang Lodging Funding LLC, as administrative agent, and the lenders from time to time party thereto. The amendment replaced the one-month LIBOR rate with Adjusted Term SOFR. The Credit Agreement evidences a senior secured term loan facility (the “Credit Facility”) in the amount of $100.0 million, including a $50.0 million term loan funded on the closing date of the Credit Facility (the “Closing Date”) and commitments to fund up to an additional $50.0 million of term loans in up to five separate borrowings within 24 months after the Closing Date, subject to certain conditions. The Credit Facility is a five-year interest-only facility with all outstanding principal due at maturity, with three successive one-year extension options subject to an increase in the interest rate during each extension period. Borrowings under the Credit Agreement will bear interest, at the Company’s option, at either Adjusted Term SOFR plus an applicable margin, or the Base Rate plus an applicable margin. The applicable margin for borrowings under the Credit Agreement for Adjusted Term SOFR loans will be 7.35% per annum and the applicable margin for Base Rate loans will be 6.35% per annum, with increases to both applicable margins of 0.50%, 0.75% and 1.00% per annum during each of the three extension periods, respectively. Undrawn balances of the Credit Facility are subject to an unused fee of 1.0% during the first 24 months of the term, payable on the last business day of each month. The Credit Facility included an original issue discount of $2.0 million on the Closing Date. As of September 30, 2023, the amount unused under the Credit Facility was $13.0 million. (10) On March 24, 2023, INSPIRE amended its credit agreement by entering into the INSPIRE Amendment. The INSPIRE Amendment increased the maximum borrowing capacity under INSPIRE’s Revolving Note from $3.0 million to $6.0 million, provides for a $20.0 million Term Note and an Equipment Note pursuant to which, until September 24, 2027, INSPIRE may request advances up to $4.0 million in the aggregate to purchase new machinery or equipment to be used in the ordinary course of business. The INSPIRE Amendment extended the maturity date of INSPIRE’s Notes from January 1, 2024 to March 24, 2028. Monthly principal payments commence on April 1, 2023 for the Term Note in the amount of approximately $167,000. Borrowings under the Revolving Note require monthly payments of interest only until the maturity date and borrowings under the Equipment Note require monthly principal payments at 1/60th of the original principal amount of each advance. The Notes bear interest at the BSBY Rate plus a margin of 2.75% and the undrawn balance of the Revolving Note and the Equipment Note are subject to an unused fee of 0.25% per annum. As of September 30, 2023, the amounts unused under INSPIRE’s revolving credit facility and equipment note were $5.5 million and $2.0 million, respectively. (11) On March 9, 2021, we acquired all of the redeemable noncontrolling interests in OpenKey for a purchase price of approximately $1.9 million. Pursuant to the agreement, the purchase price will be paid to the seller in equal monthly installments over a seven-year term and will include interest in arrears at an annualized rate of 4.0%. The purchase price is payable in Ashford Inc. common stock, including a 10% premium, or cash at our sole discretion. (12) As of September 30, 2023, the amount unused under Pure Wellness’s revolving credit facility was $100,000. (13) On July 18, 2019, RED entered into a term loan of $1.7 million. The interest rate for the term loan is 6.0% for the first five years. After five years, the interest rate is equal to the Prime Rate plus 0.5% with a floor of 6.0%. (14) On July 23, 2021, RED entered into a term loan agreement with a maximum principal amount of $900,000. (15) On March 17, 2022, in connection with the purchase and construction of marine vessels, RED entered into two closed-end non-revolving line of credit loans of $1.5 million each which convert to term loans once fully drawn. Each loan bears an interest rate of 5.0% for the first three years. After three years, the interest rate is equal to the Prime Rate plus 0.5% with a floor of 5.0%. (16) On September 15, 2022, RED entered into a closed-end non-revolving line of credit for $1.5 million that converts into an individual term loan each time RED draws upon the facility. As of September 30, 2023, RED had drawn the full amount allowed under the line of credit. Maturity dates for amounts drawn under the facility are November 30, 2027, December 28, 2027 and January 20, 2028. (17) On February 2, 2023, OpenKey entered into a loan funding agreement with Braemar with a maximum loan amount of $395,000. As of September 30, 2023, the remaining unused loan balance was $158,000. (18) On March 17, 2023, in connection with the acquisition of Alii Nui, RED entered into two term loans of $1.7 million and $2.4 million. RED is required to make monthly payments on the term loans starting April 17, 2023. (19) On March 17, 2023, in connection with the Alii Nui acquisition, RED issued 80,000 RED Units at $25 per unit with a liquidation value of $2.0 million. The RED Units accrue interest at 6.5% per annum with required quarterly payments. The RED Units are considered a form of financing the acquisition of Alii Nui under current accounting guidance and is recorded as a non-current note payable in our condensed consolidated balance sheet. See note 4. (20) On May 19, 2023, RED entered into a term loan for two vessels. The interest rate is equal to the Prime Rate plus 1.00% and the note matures on May 19, 2033. RED is required to make monthly principal payments on the term loan starting in June 2023. (21) On August 4, 2023, RED entered into a draw term loan with Merchants Commercial Bank with a maximum draw of $900,000 through February 5, 2024. The interest rate is equal to the Prime Rate plus 1.25% and the maturity date is February 5, 2029. As of September 30, 2023, the amount unused under RED’s draw term loan was $816,000.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses were comprised of the following (in thousands): September 30, 2023 December 31, 2022 Accounts payable $ 18,493 $ 18,841 Accrued payroll expense 20,413 30,626 Accrued vacation expense 2,286 2,418 Accrued interest 422 381 Other accrued expenses 453 3,813 Total accounts payable and accrued expenses $ 42,067 $ 56,079

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Value Hierarchy —Our assets and liabilities measured at fair value, either on a recurring or a non-recurring basis, are classified in a hierarchy for disclosure purposes consisting of three levels based on the observability of inputs in the market - place as discussed below: • Level 1: Fair value measurements that are quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. • Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Significant Unobservable Inputs Total September 30, 2023 Assets Investments $ — $ — $ 4,500 (1) $ 4,500 Restricted Investment: Ashford Trust common stock 24 (2) — — 24 Braemar common stock 64 (2) — — 64 Total $ 88 $ — $ 4,500 $ 4,588 Liabilities Contingent consideration $ (1,000) (3) $ — $ (2,750) (4) $ (3,750) Deferred compensation plan (1,370) — — (1,370) Total $ (2,370) $ — $ (2,750) $ (5,120) Net $ (2,282) $ — $ 1,750 $ (532) __________________ (1) Represents the fair value of TSGF L.P.’s investment which is reported within “investments” in our condensed consolidated balance sheets. (2) The restricted investment includes shares of common stock of Ashford Trust and Braemar purchased by Remington on the open market and held for the purpose of providing compensation to certain employees. The compensation agreement liability is based on ratably accrued vested shares through September 30, 2023, which are distributed to the plan participants upon vesting. The liability is the total accrued vested shares multiplied by the fair value of the quoted market price of the underlying investment. (3) Represents the fair value of the contingent consideration liability related to Alii Nui obtaining the Permit which is reported within “claims liabilities and other” in our condensed consolidated balance sheets. (4) Represents the fair value of the contingent consideration liability related to the achievement of certain performance targets associated with the acquisition of Chesapeake, which is reported within “other liabilities” in our condensed consolidated balance sheets. Quoted Market Prices (Level 1) Significant Other Significant Unobservable Inputs Total December 31, 2022 Assets Restricted Investment: Ashford Trust common stock $ 57 (1) $ — $ — $ 57 Braemar common stock 246 (1) — — 246 Total $ 303 $ — $ — $ 303 Liabilities Contingent consideration $ — $ — $ (2,320) (2) $ (2,320) Subsidiary compensation plan — (74) (1) — (74) Deferred compensation plan (2,849) — — (2,849) Total $ (2,849) $ (74) $ (2,320) $ (5,243) Net $ (2,546) $ (74) $ (2,320) $ (4,940) __________________ (1) The restricted investment includes shares of common stock of Ashford Trust and Braemar purchased by Remington on the open market and held for the purpose of providing compensation to certain employees. The compensation agreement liability is based on ratably accrued vested shares through December 31, 2022, which are distributed to the plan participants upon vesting. The liability is the total accrued vested shares multiplied by the fair value of the quoted market price of the underlying investment. (2) Represents the fair value of the contingent consideration liability related to the achievement of certain performance targets associated with the acquisition of Chesapeake, which is reported within “other liabilities” in our condensed consolidated balance sheets. The following table presents our roll forward of our Level 3 investments (in thousands): Investments (1) Balance at December 31, 2022 and June 30, 2023 $ — TSGF L.P. investment 4,500 Balance at September 30, 2023 $ 4,500 __________________ (1) TSGF L.P.’s investment is measured at fair value at each reporting period. The Company used the market value approach method when determining the fair value of the investment acquired as of September 30, 2023. The following table presents our roll forward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability (1) Balance at December 31, 2022 $ (2,320) Gains (losses) from fair value adjustments included in earnings (300) Balance at June 30, 2023 (2,620) Gains (losses) from fair value adjustments included in earnings (130) Balance at September 30, 2023 $ (2,750) __________________ (1) The Company measures contingent consideration liabilities related to the Chesapeake acquisition in April of 2022 at fair value at each reporting period using significant unobservable inputs classified within Level 3 of the fair value hierarchy. The fair value of the contingent consideration liability is based on the present value of the expected future payments to be made to the sellers of Chesapeake in accordance with the provisions outlined in the respective purchase agreements, which is a Level 3 fair value measurement. In determining fair value, the Company estimates Chesapeake’s future performance using a Monte Carlo simulation model. The key assumptions in applying the Monte Carlo simulation model are (a) a discount rate, with a range of 36.01% to 36.03%; (b) a forward - looking risk-free rate, with a range of 5.34% to 5.47%; and (c) a volatility rate of 48.15%. Effect of Fair Value Measured Assets and Liabilities on Our Condensed Consolidated Statements of Operations The following table summarizes the effect of fair value measured assets and liabilities on our condensed consolidated statements of operations (in thousands): Gain (Loss) Recognized Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Assets Unrealized gain (loss) on investment: (1) Ashford Trust common stock $ 5 $ 12 $ 68 $ 68 Braemar common stock 8 6 15 (50) Realized gain (loss) on investment: (2) Ashford Trust common stock (73) (3) (146) (97) Braemar common stock (7) — (14) 23 Total $ (67) $ 15 $ (77) $ (56) Liabilities Contingent consideration (3) $ (130) $ (300) $ (430) $ (300) Subsidiary compensation plan (4) — (42) (6) (110) Deferred compensation plans (4) 689 78 1,479 567 Total $ 559 $ (264) $ 1,043 $ 157 Net $ 492 $ (249) $ 966 $ 101 __________________ (1) Represents the unrealized gain (loss) on shares of common stock of Ashford Trust and Braemar purchased by Remington on the open market and held for the purpose of providing compensation to certain employees. Reported as a component of “other income (expense)” in our condensed consolidated statements of operations. (2) Represents the realized gain (loss) on shares of common stock of Ashford Trust and Braemar purchased by Remington on the open market and held for the purpose of providing compensation to certain employees. (3) Represents the changes in fair value of our contingent consideration liabilities. The change in the fair value in the three and nine months ended September 30, 2023 related to the level of achievement of certain performance targets associated with the acquisition of Chesapeake in April of 2022. Changes in the fair value of contingent consideration are reported within “other” operating expense in our condensed consolidated statements of operations. (4) Reported as a component of “salaries and benefits” in our condensed consolidated statements of operations. Restricted Investment The historical cost and approximate fair values, together with gross unrealized gains and losses, of securities restricted for use in our subsidiary compensation plan are as follows (in thousands): Historical Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: September 30, 2023 Equity securities (1) $ 672 $ — $ (584) $ 88 __________________ (1) Distributions of $210,000 of available - for - sale securities occurred in the nine months ended September 30, 2023. Historical Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: December 31, 2022 Equity securities (1) $ 821 $ — $ (518) $ 303 __________________ (1) Distributions of $365,000 of available - for - sale securities occurred in the year ended December 31, 2022.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2023
Investments, All Other Investments [Abstract]
Summary of Fair Value of Financial Instruments	Summary of Fair Value of Financial Instruments Certain of our financial instruments are not measured at fair value on a recurring basis. The estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold or settled. The carrying amounts and estimated fair values of financial instruments were as follows (in thousands): September 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Financial assets measured at fair value: Restricted investment $ 88 $ 88 $ 303 $ 303 Investments 4,500 4,500 — — Financial liabilities measured at fair value: Deferred compensation plan $ 1,370 $ 1,370 $ 2,849 $ 2,849 Contingent consideration 3,750 3,750 2,320 2,320 Financial assets not measured at fair value: Cash and cash equivalents $ 28,018 $ 28,018 $ 44,390 $ 44,390 Restricted cash 36,215 36,215 37,058 37,058 Accounts receivable, net 31,038 31,038 17,615 17,615 Notes receivable 2,454 2,454 2,041 2,041 Due from affiliates 575 575 463 463 Due from Ashford Trust 7,625 7,625 — — Due from Braemar — — 11,828 11,828 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 42,067 $ 42,067 $ 56,079 $ 56,079 Dividends payable 28,318 28,318 27,285 27,285 Due to affiliates 49 49 15 15 Due to Ashford Trust — — 1,197 1,197 Due to Braemar 3,533 3,533 — — Claims liabilities and other 32,643 32,643 26,547 26,547 Notes payable 127,499 121,124 to 133,874 99,102 94,147 to 104,057 Restricted investment. These financial assets are carried at fair value based on quoted market prices of the underlying investments. This is considered a Level 1 valuation technique. Deferred compensation plan. The liability resulting from the deferred compensation plan is carried at fair value based on the closing prices of the underlying investments. This is considered a Level 1 valuation technique. Contingent consideration. The liabilities associated with the Company’s acquisition of Chesapeake and Alii Nui are carried at fair value based on the terms of the acquisition agreements and any changes to fair value are recorded in “other” operating expenses in our condensed consolidated statements of operations. The Chesapeake liability is considered a Level 3 valuation technique and the Alii Nui liability is considered a Level 1 valuation technique. See note 8 . Cash, cash equivalents and restricted cash. These financial assets bear interest at market rates and have maturities of less than 90 days. The carrying values approximate fair value due to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique. Accounts receivable, net, due from affiliates, due to/from Ashford Trust, due to/from Braemar, notes receivable, accounts payable and accrued expenses, dividends payable, due to affiliates and claims liabilities and other . The carrying values of these financial instruments approximate their fair values due primarily to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique. Investments. The Company measures TSGF L.P.’s investment at fair value at each reporting period using the income approach valuation method. This is considered a Level 3 valuation technique. See notes 2 and 8.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Release and Waiver Agreement — On April 15, 2022, the Company and Ashford Services agreed with Jeremy Welter, the Chief Operating Officer of the Company, that, effective on July 15, 2022, Mr. Welter would terminate employment with and service to the Company, Ashford Services and their affiliates. Mr. Welter was also the Chief Operating Officer of Ashford Trust and Braemar and accordingly his service as Chief Operating Officer of each of Ashford Trust and Braemar also ended on July 15, 2022. The Company has commitments related to cash compensation for the departure of Mr. Welter which included a cash termination payment of $750,000, which was paid on August 5, 2022, and payments totaling approximately $6.4 million, which are payable in 24 substantially equal monthly installments of approximately $267,000 beginning in August 2022. As of September 30, 2023, the Company’s remaining commitment to Mr. Welter totaled approximately $2.7 million. Litigation —On December 20, 2016, a class action lawsuit was filed against one of the Company’s subsidiaries in the Superior Court of the State of California in and for the County of Contra Costa alleging violations of certain California employment laws. The court has entered an order granting class certification with respect to: (i) a statewide class of non-exempt employees who were allegedly deprived of rest breaks as a result of the subsidiary’s previous written policy requiring employees to stay on premises during rest breaks; and (ii) a derivative class of non-exempt former employees who were not paid for allegedly missed breaks upon separation from employment. Notices to potential class members were sent out on February 2, 2021. Potential class members had until April 4, 2021 to opt out of the class, however, the total number of employees in the class has not been definitively determined and is the subject of continuing discovery. The opt out period has been extended until such time that discovery has concluded. In May of 2023, the trial court requested additional briefing from the parties to determine whether the case should be maintained, dismissed, or the class decertified. The trial court set a due date of August 7, 2023 for the briefs. After submission of the briefs, the court requested that the parties submit stipulations for the court to rule upon. If this litigation goes to trial, we expect that the earliest the trial would occur is the last quarter of 2023, based on various extensions to which the parties have agreed. While we believe it is reasonably possible that we may incur a loss associated with this litigation, because there remains uncertainty under California law with respect to a significant legal issue, discovery relating to class members continues, and the trial judge retains discretion to award lower penalties than set forth in the applicable California employment laws, we do not believe that any potential loss to the Company is reasonably estimable at this time. As of September 30, 2023, no amounts have been accrued. We are also engaged in other legal proceedings that have arisen but have not been fully adjudicated. To the extent the claims giving rise to these legal proceedings are not covered by insurance, they relate to the following general types of claims: employment matters, tax matters, matters relating to compliance with applicable law (for example, the Americans with Disability Act and similar state laws), and other general matters. The likelihood of loss for these legal proceedings is based on definitions within contingency accounting literature. We recognize a loss when we believe the loss is both probable and reasonably estimable. Legal costs associated with loss contingencies are expensed as incurred. Based on the information available to us relating to these legal proceedings and/or our experience in similar legal proceedings, we do not believe the ultimate resolution of these proceedings, either individually or in the aggregate, will have a material adverse effect on our consolidated financial position, results of operations or cash flow. During the quarter ended September 30, 2023, we had a cyber incident that resulted in the potential exposure of certain employee personal information. We have completed an investigation and have identified certain employee information may have been exposed, but we have not identified that any customer information was exposed. Systems have been substantially restored with minimal effect on certain hotel operations. We believe that we maintain a sufficient level of insurance coverage related to such events, and the related incremental costs incurred to date are immaterial. It is reasonably possible that the Company may incur additional costs related to the matter, but we are unable to predict with certainty the ultimate amount or range of potential loss. At this time, no litigation has been filed nor has any been threatened.

Equity (Deficit)

Equity (Deficit)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Equity (Deficit)	Equity (Deficit) Noncontrolling Interests in Consolidated Entities —See note 2 for details regarding ownership interests, carrying values and allocations related to noncontrolling interests in our consolidated subsidiaries. The following table summarizes the (income) loss attributable to noncontrolling interests for each of our consolidated entities (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Income) loss attributable to noncontrolling interests: OpenKey $ 187 $ 223 $ 647 $ 677 Pure Wellness (10) 49 32 153 TSGF L.P. 13 — 13 — Total net (income) loss attributable to noncontrolling interests $ 190 $ 272 $ 692 $ 830

Mezzanine Equity

Mezzanine Equity	9 Months Ended
	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Mezzanine Equity	Mezzanine Equity Redeemable Noncontrolling Interests — Redeemable noncontrolling interests are included in the mezzanine section of our condensed consolidated balance sheets as the ownership interests are redeemable for cash or registered shares outside of the Company’s control. Redeemable noncontrolling interests in Ashford Holdings includes the Series CHP Unit preferred membership interest issued in our acquisition of Chesapeake in April of 2022 and the membership interests of common units and LTIP units. The following table summarizes the net (income) loss attributable to our redeemable noncontrolling interests (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net (income) loss attributable to redeemable noncontrolling interests: Ashford Holdings $ (111) $ (158) $ (399) $ (290) Series CHP Units —In connection with the acquisition of Chesapeake, Ashford Holdings issued 378,000 Series CHP Units to the sellers of Chesapeake. The Series CHP Units represent a preferred membership interest in Ashford Holdings having a priority in payment of cash dividends over the common unit holders of Ashford Holdings. Each Series CHP Unit (i) has a liquidation value of $25 plus all unpaid accrued and accumulated distributions thereon; (ii) is entitled to cumulative dividends at the rate of 7.28% per annum, payable quarterly in arrears; (iii) participates in any dividend or distribution paid on all outstanding common units of Ashford Holdings in addition to the preferred dividends; (iv) is convertible, along with the aggregate accrued or accumulated and unpaid distributions thereon, into common units of Ashford Holdings at the option of the holder or the issuer, which common units of Ashford Holdings will then be redeemable by the holder thereof into common stock of the Company on a 1:1 ratio or cash, at the Company’s discretion; and (v) provides for customary anti-dilution protections. The number of common units of Ashford Holdings to be received upon conversion of Series of CHP Units, along with the aggregate accrued or accumulated and unpaid distributions thereon, is determined by: (i) multiplying the number of Series CHP Units to be converted by the liquidation value thereof; and then (ii) dividing the result by the preferred conversion price, which is $117.50 per unit. In the event the Company fails to pay the required dividends on the Series CHP Units for two consecutive quarterly periods (a “Preferred Unit Breach”), then until such arrearage is paid in cash in full, the dividend rate on the Series CHP Units will increase to 10.00% per annum until no Preferred Unit Breach exists. Except with respect to certain protective provisions, no holder of Series CHP Units will have voting rights in its capacity as such. As long as any Series CHP Units are outstanding, the Company is prohibited from taking specified actions without the consent of at least 50% of the holders of Series CHP Units, including (i) modifying the terms, rights, preferences, privileges or voting powers of the Series CHP Units or (ii) altering the rights, preferences or privileges of any Units of Ashford Holdings so as to adversely affect the Series CHP Units. For the three and nine months ended September 30, 2023, the Company recorded net income attributable to redeemable noncontrolling interests of $172,000 and $516,000, respectively, to the Series CHP Unit holders which is included in Ashford Holdings in the table above. For the three and nine months ended September 30, 2022, the Company recorded net income attributable to redeemable noncontrolling interests of $172,000 and $317,000, respectively, to the Series CHP Unit holders. Convertible Preferred Stock —Each share of Series D Convertible Preferred Stock: (i) has a liquidation value of $25 per share plus the amount of all unpaid accrued and accumulated dividends on such share; (ii) accrues cumulative dividends at the rate of 7.28% per annum; (iii) participates in any dividend or distribution on the common stock in addition to the preferred dividends; (iv) is convertible, along with all unpaid accrued and accumulated dividends thereon, into voting common stock at $117.50 per share; and (v) provides for customary anti-dilution protections. In the event the Company fails to pay the dividends on the Series D Convertible Preferred Stock for two consecutive quarterly periods (a “Preferred Stock Breach”), then until such arrearage is paid in cash in full: (A) the dividend rate on the Series D Convertible Preferred Stock will increase to 10.00% per annum until no Preferred Stock Breach exists; (B) no dividends on the Company’s common stock may be declared or paid, and no other distributions or redemptions may be made, on the Company’s common stock; and (C) the Board will be increased by two seats and the holders of 55% of the outstanding Series D Convertible Preferred Stock will be entitled to fill such newly created seats. The Series D Convertible Preferred Stock is beneficially held primarily by Mr. Monty J. Bennett, the Chairman of our Board and our Chief Executive Officer, and Mr. Archie Bennett, Jr., who is Mr. Monty J. Bennett’s father. To the extent not paid on April 15, July 15, October 15 and January 15 of each calendar year in respect of the quarterly periods ending on March 31, June 30, September 30 and December 31, respectively (each such date, a “Dividend Payment Date”), all accrued dividends on any share shall accumulate and compound on the applicable Dividend Payment Date whether or not declared by the Board and whether or not funds are legally available for the payment thereof. All accrued dividends shall remain accumulated, compounding dividends until paid in cash or converted to common shares. The Series D Convertible Preferred Stock is entitled to vote alongside our voting common stock on an as-converted basis, subject to applicable voting limitations. So long as any shares of Series D Convertible Preferred Stock are outstanding, the Company is prohibited from taking specified actions without the consent of the holders of 55% of the outstanding Series D Convertible Preferred Stock, including: (i) modifying the terms, rights, preferences, privileges or voting powers of the Series D Convertible Preferred Stock; (ii) altering the rights, preferences or privileges of any capital stock of the Company so as to affect adversely the Series D Convertible Preferred Stock; (iii) issuing any security senior to the Series D Convertible Preferred Stock, or any shares of Series D Convertible Preferred Stock other than pursuant to the Combination Agreement dated May 31, 2019 between us, the Bennetts, Remington Holdings, L.P. and certain other parties, as amended (the “Combination Agreement”); (iv) entering into any agreement that expressly prohibits or restricts the payment of dividends on the Series D Convertible Preferred Stock or the common stock of the Company or the exercise of the Change of Control Put Option (as defined in the Combination Agreement); or (v) other than the payment of dividends on the Series D Convertible Preferred Stock or payments to purchase any of the Series D Convertible Preferred Stock, transferring all or a substantial portion of the Company’s or its subsidiaries’ cash balances or other assets to a person other than the Company or its subsidiaries, other than by means of a dividend payable by the Company pro rata to the holders of the Company common stock (together with a corresponding dividend payable to the holders of the Series D Convertible Preferred Stock). After June 30, 2026, we will have the option to purchase all or any portion of the Series D Convertible Preferred Stock (except that the option to purchase may not be exercised with respect to shares of Series D Convertible Preferred Stock with an aggregate purchase price less than $25.0 million) on a pro rata basis among all holders of the Series D Convertible Preferred Stock (subject to the ability of the holders to provide for an alternative allocation amongst themselves), at a price per share equal to: (i) $25.125; plus (ii) all accrued and unpaid dividends (provided any holder of Series D Convertible Preferred Stock shall be entitled to exercise its right to convert its shares of Series D Convertible Preferred Stock into common stock not fewer than five As of September 30, 2023, the Company had aggregate undeclared preferred stock dividends of approximately $19.6 million, which relates to the second and fourth quarters of 2021. On each of April 14, 2023 and July 12, 2023, the Company paid $8.7 million of dividends previously declared by the Board with respect to the Company’s Series D Convertible Preferred Stock for the first and second quarters of 2023. On September 7, 2023, the Board declared a cash dividend on the Company’s Series D Convertible Preferred Stock for the quarter ended September 30, 2023. The Company paid the dividend of $8.7 million, or $0.455 per share of Series D Convertible Preferred Stock, on October 11, 2023. All dividends, declared and undeclared, are recorded as a reduction in net income (loss) attributable to common stockholders in the period incurred in our condensed consolidated statements of operations. All accrued dividends accumulate and compound until paid in cash or converted into common stock of the Company pursuant to the Certificate of Designation for the Series D Convertible Preferred Stock. Unpaid Series D Convertible Preferred Stock dividends, declared and undeclared, totaling $28.3 million and $27.1 million at September 30, 2023 and December 31, 2022, respectively, are recorded as a liability in our condensed consolidated balance sheets as “dividends payable.” Convertible preferred stock cumulative dividends declared during the three and nine months ended September 30, 2023 and 2022 for all issued and outstanding shares were as follows (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Preferred dividends - declared $ 8,700 $ — $ 26,099 $ 35,219 Preferred dividends per share - declared $ 0.4550 $ — $ 1.3650 $ 1.8420 Aggregate undeclared convertible preferred stock cumulative dividends (in thousands, except per share amounts): September 30, 2023 December 31, 2022 Aggregate preferred dividends - undeclared $ 19,619 $ 18,414 Aggregate preferred dividends - undeclared per share $ 1.0261 $ 0.9631

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation Equity-based compensation expense is primarily recorded in “salaries and benefits expense” and REIT equity-based compensation expense is primarily recorded in “reimbursed expenses” in our condensed consolidated statements of operations. The components of equity-based compensation expense for the three and nine months ended September 30, 2023 and 2022 are presented below by award type (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Equity-based compensation Class 2 LTIP units and stock option amortization (1) $ 32 $ 979 $ 97 $ 1,365 Employee LTIP units and equity grant expense (2) 428 896 1,308 1,725 Director and other non-employee equity grants expense (3) 4 46 539 501 Total equity-based compensation $ 464 $ 1,921 $ 1,944 $ 3,591 Other equity-based compensation REIT equity-based compensation (4) $ 3,029 $ 4,638 $ 10,167 $ 13,116 $ 3,493 $ 6,559 $ 12,111 $ 16,707 ________ (1) As of September 30, 2023, the Company had approximately $189,000 of total unrecognized compensation expense related to the Class 2 LTIP units that will be recognized over a weighted average period of 1.5 years. (2) As of September 30, 2023, the Company had approximately $3.0 million of total unrecognized compensation expense related to restricted shares and LTIP units that will be recognized over a weighted average period of 1.9 years. (3) Grants of stock, restricted stock and stock units to independent directors and other non-employees are recorded at fair value based on the market price of our shares at grant date, and this amount is expensed in “general and administrative” expense. (4) REIT equity-based compensation expense is primarily recorded in “reimbursed expenses” and is associated with equity grants of Ashford Trust’s and Braemar’s common stock and LTIP units awarded to our officers and employees.

Deferred Compensation Plan

Deferred Compensation Plan	9 Months Ended
	Sep. 30, 2023
Compensation Related Costs [Abstract]
Deferred Compensation Plan	Deferred Compensation Plan We administer a non-qualified deferred compensation plan (“DCP”) for certain executive officers and other employees which give the participants various investment options, including Ashford Inc. common stock, for measurement that can be changed by the participant at any time. These modifications resulted in the DCP obligation being recorded as a liability in accordance with the applicable authoritative accounting guidance. Distributions under the DCP for our executive officers are made in cash, unless the participant has elected Ashford Inc. common stock as the investment option, in which case any such distributions would be made in Ashford Inc. common stock. Additionally, the DCP obligation is carried at fair value with changes in fair value reflected in “salaries and benefits” in our condensed consolidated statements of operations. The following table summarizes the DCP activity (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Change in fair value Unrealized gain (loss) $ 689 $ 78 $ 1,479 $ 567 As of September 30, 2023 and December 31, 2022, the carrying value of the DCP liability was $1.4 million and $2.8 million, respectively. No distributions were made to any participant during the three and nine months ended September 30, 2023 and 2022.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As an asset manager providing advisory services to Ashford Trust and Braemar, as well as holding an ownership interest in other businesses providing products and services to the hospitality industry, including Ashford Trust and Braemar, related party transactions are inherent in our business. Details of our related party transactions are presented below. Ashford Trust — We are a party to an amended and restated advisory agreement with Ashford Trust and its operating subsidiary, Ashford Hospitality Limited Partnership (“Ashford Trust OP”). Premier is party to a master project management agreement with Ashford Trust OP and Ashford Trust TRS, a subsidiary of Ashford Trust OP, and certain of their affiliates to provide comprehensive and cost-effective design, development, architectural, and project management services and a related mutual exclusivity agreement with Ashford Trust and Ashford Trust OP. Remington is party to a master hotel management agreement with Ashford Trust TRS and certain of its affiliates to provide hotel management services. Ashford Trust pays the Company a monthly hotel management fee equal to the greater of approximately $17,000 per hotel (increased annually based on consumer price index adjustments) or 3% of gross revenue (the “base fee”) as well as annual incentive hotel management fees, if certain operational criteria are met, and other general and administrative expense reimbursements. Ashford Trust pays the base fee and reimburses all expenses for Remington-managed hotels on a weekly basis for the preceding week. Remington is also party to a mutual exclusivity agreement with Ashford Trust and Ashford Trust OP. Lismore has certain agreements with Ashford Trust to provide debt placement, modifications and refinancings of certain mortgage debt. Lismore’s fees are recognized based on a stated percentage of the loan amount when services have been rendered and the subject loan, modification or other transaction is closed. Lismore also previously held an agreement with Ashford Trust (the “Ashford Trust Agreement”) with an effective date of April 6, 2020 pursuant to which Lismore negotiated forbearance, modifications and refinancings of the existing mortgage debt on Ashford Trust’s hotels. The Ashford Trust Agreement additionally allowed for the Company to receive certain fees for refinancings performed within eight months after the Ashford Trust Agreement terminated. The Ashford Trust Agreement terminated effective April 6, 2022. For the three and nine months ended September 30, 2022, the Company recognized revenue of $125,000 and $2.4 million, respectively, under the Ashford Trust Agreement. During June 2023, Lismore entered into various 12-month agreements with Ashford Trust to seek modifications or refinancings of certain mortgage loans held by Ashford Trust. For the three and nine months ended September 30, 2023, Ashford Trust paid approximately $0 and $525,000, respectively, to Lismore in nonrefundable work fees. The fees are included in “deferred income” in our condensed consolidated balance sheet and are recognized on a straight-line basis over the term of the agreements. As of September 30, 2023, the Company had $360,000 of deferred income recorded related to these agreements. The following table summarizes the revenues and expenses related to Ashford Trust (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 REVENUES BY TYPE Advisory services fees: Base advisory fees $ 8,121 $ 8,855 $ 24,839 $ 26,202 Hotel management fees: Base management fees 6,020 6,230 19,428 17,805 Incentive management fees 731 1,376 3,464 4,080 Total hotel management fees revenue (1) 6,751 7,606 22,892 21,885 Design and construction fees revenue (2) 4,532 3,065 12,771 7,881 Other revenue: Watersports, ferry and excursion services (4) 21 74 58 198 Debt placement and related fees (5) 377 125 1,677 3,108 Cash management fees (6) 19 — 106 — Claims management services (7) 3 — 4 15 Other services (8) 419 342 1,152 1,018 Total other revenue 839 541 2,997 4,339 Cost reimbursement revenue 70,196 61,687 206,857 181,613 Total revenues $ 90,439 $ 81,754 $ 270,356 $ 241,920 REVENUES BY SEGMENT (9) Advisory $ 12,096 $ 12,221 $ 36,799 $ 37,381 Remington 69,490 66,888 208,728 189,375 Premier 6,125 5,593 17,927 13,073 INSPIRE 28 19 84 74 RED 33 79 95 208 OpenKey 30 29 89 93 Corporate and other (10) 2,637 (3,075) 6,634 1,716 Total revenues $ 90,439 $ 81,754 $ 270,356 $ 241,920 COST OF REVENUES Cost of revenues for audio visual (3) $ 2,012 $ 1,833 $ 7,205 $ 5,506 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenue from guests at REIT properties (3) $ 4,502 $ 4,267 $ 16,785 $ 12,903 ________ (1) Hotel management fees revenue is reported within our Remington segment. Base management fees and incentive management fees are recognized when services have been rendered. Remington receives base management fees of 3% of gross hotel revenue for managing the hotel employees and daily operations of the hotels, subject to a specified floor (which is subject to increase annually based on increases in the consumer price index). Remington receives an incentive management fee equal to the lessor of 1% of each hotel’s annual gross revenues or the amount by which the respective hotel’s gross operating profit exceeds the hotel’s budgeted gross operating profit. See note 3 for discussion of the hotel management fees revenue recognition policy. (2) Design and construction fees revenue primarily consists of revenue generated within our Premier segment by providing design, development, architectural, and project management services for which Premier receives fees. See note 3 for discussion of the design and construction fees revenue recognition policy. (3) INSPIRE primarily contracts directly with customers to whom they provide services. INSPIRE recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Ashford Trust, for INSPIRE are recognized in “cost of revenues for audio visual” in our condensed consolidated statements of operations. See note 3 for discussion of the revenue recognition policy. (4) Watersports, ferry and excursion services revenue includes revenue that is earned by RED for providing services directly to Ashford Trust rather than contracting with third-party customers. (5) Debt placement and related fees are earned by Lismore for providing debt placement, modification, forbearance and refinancing services. (6) Cash management fees include revenue earned by providing active management and investment of Ashford Trust’s excess cash in short-term U.S. Treasury securities. (7) Claims management services include revenue earned from providing insurance claim assessment and administration services. (8) Other services revenue is primarily associated with other hotel products and services, such as mobile key applications and hypoallergenic premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey and Pure Wellness. (9) See note 17 for discussion of segment reporting. (10) The Corporate and Other segment’s revenue includes cost reimbursement revenue from Ashford Trust’s capital contributions to Ashford Securities under the Third Amended and Restated Contribution Agreement between the Company, Ashford Trust and Braemar. Capital contributions are divided between the Company, Ashford Trust and Braemar based upon the actual amount of capital raised through Ashford Securities for each company which may result in increases or decreases to cost reimbursement revenue in any given reporting period. See discussion regarding Ashford Securities below. Braemar — We are also a party to an amended and restated advisory agreement with Braemar and its operating subsidiary, Braemar Hospitality Limited Partnership (“Braemar OP”). Premier is party to a master project management agreement with Braemar OP and Braemar TRS Corporation, a wholly owned subsidiary of Braemar OP, and certain of their affiliates to provide comprehensive and cost-effective design, development, architectural, and project management services and a related mutual exclusivity agreement with Braemar and Braemar OP. Remington is party to a master hotel management agreement with Braemar TRS Corporation and certain of its affiliates to provide hotel management services. Braemar pays the Company a monthly hotel management fee equal to the greater of approximately $17,000 per hotel (increased annually based on consumer price index adjustments) or 3% of gross revenue (the “base fee”) as well as annual incentive hotel management fees, if certain operational criteria are met, and other general and administrative expense reimbursements. Braemar pays the base fee and reimburses all expenses for Remington-managed hotels on a weekly basis for the preceding week. Remington is also party to a mutual exclusivity agreement with Braemar and Braemar OP. Lismore has certain agreements with Braemar to provide debt placement, modifications and refinancings of certain mortgage debt. Lismore’s fees are recognized based on a stated percentage of the loan amount when services have been rendered and the subject loan, modification or other transaction is closed. During June 2023, Lismore entered into a 12-month agreement with Braemar to seek modifications or refinancings of certain mortgage debt held by Braemar. For the three and nine months ended September 30, 2023, Braemar paid approximately $0 and $150,000, respectively, to Lismore in nonrefundable work fees. The fees are included in “deferred income” in our condensed consolidated balance sheet and are recognized on a straight-line basis over the term of the agreements. As of September 30, 2023, the Company had $100,000 of deferred income recorded related to the agreement. The following table summarizes the revenues and expenses related to Braemar (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 REVENUES BY TYPE Advisory services fees: Base advisory fees $ 3,393 $ 3,269 $ 10,700 $ 9,435 Incentive advisory fees (1) 67 — 201 — Other advisory revenue (2) 131 131 389 389 Total advisory services fees revenue 3,591 3,400 11,290 9,824 Hotel management fees: Base management fees 670 715 1,883 2,210 Incentive management fees — 123 — 587 Total hotel management fees revenue (3) 670 838 1,883 2,797 Design and construction fees revenue (4) 1,690 2,387 5,973 5,352 Other revenue: Watersports, ferry and excursion services (6) 559 574 1,866 1,848 Debt placement and related fees (7) 1,337 — 1,448 190 Cash management fees (8) 15 — 107 — Claims management services (9) 2 — 2 1 Other services (10) 49 56 210 128 Total other revenue 1,962 630 3,633 2,167 Cost reimbursement revenue 12,747 19,404 39,409 42,523 Total revenues $ 20,660 $ 26,659 $ 62,188 $ 62,663 REVENUES BY SEGMENT (11) Advisory $ 7,042 $ 7,830 $ 23,517 $ 21,285 Remington 7,480 6,964 20,465 21,157 Premier 3,222 3,080 9,397 7,231 INSPIRE 26 19 75 60 RED 570 577 1,898 1,855 OpenKey 8 9 28 28 Corporate and other (12) 2,312 8,180 6,808 11,047 Total revenues $ 20,660 $ 26,659 $ 62,188 $ 62,663 COST OF REVENUES (5) Cost of revenues for audio visual $ 915 $ 1,081 $ 3,330 $ 2,837 Other 364 272 1,415 717 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenues from guests at REIT properties (5) $ 2,276 $ 2,549 $ 8,291 $ 6,858 Watersports, ferry and excursion services revenue from guests at REIT properties (5) 684 458 2,198 1,669 ________ (1) The incentive advisory fees for the three months and nine months ended September 30, 2023 includes the pro rata portion of the second year installment of the 2022 incentive advisory fee which will be paid in January 2024. Incentive fee payments are subject to meeting the December 31st FCCR Condition each year, as defined in our advisory agreements. The annual total stockholder return did not meet the relevant incentive fee thresholds during the 2021 measurement period. (2) In connection with our Fourth Amended and Restated Braemar Advisory Agreement, a $5.0 million cash payment was made by Braemar upon approval by Braemar’s stockholders, which is recognized over the 10-year initial term. (3) Hotel management fees revenue is reported within our Remington segment. Base management fees and incentive management fees are recognized when services have been rendered. Remington receives base management fees of 3% of gross hotel revenue for managing the hotel employees and daily operations of the hotels, subject to a specified floor (which is subject to increase annually based on increases in the consumer price index). Remington receives an incentive management fee equal to the lessor of 1% of each hotel’s annual gross revenues or the amount by which the respective hotel’s gross operating profit exceeds the hotel’s budgeted gross operating profit. See note 3 for discussion of the hotel management fees revenue recognition policy. (4) Design and construction fees revenue primarily consists of revenue generated within our Premier segment by providing design, development, architectural and project management services for which Premier receives fees. See note 3 for discussion of the design and construction fees revenue recognition policy. (5) INSPIRE and RED primarily contract directly with third-party customers to whom they provide services. INSPIRE and RED recognize the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Braemar, for INSPIRE and RED are recognized in “cost of revenues for audio visual” and “other” operating expense, respectively, in our condensed consolidated statements of operations. See note 3 for discussion of the revenue recognition policy. (6) Watersports, ferry and excursion services revenue includes revenue that is earned by RED for providing services directly to Braemar rather than contracting with third-party customers. (7) Debt placement and related fees are earned by Lismore for providing debt placement, modification and refinancing services. (8) Cash management fees include revenue earned by providing active management and investment of Braemar’s excess cash in short-term U.S. Treasury securities. (9) Claims management services include revenue earned from providing insurance claim assessment and administration services. (10) Other services revenue is primarily associated with other hotel products and services, such as mobile key applications and hypoallergenic premium rooms, provided to Braemar by our consolidated subsidiaries, OpenKey and Pure Wellness. (11) See note 17 for discussion of segment reporting. (12) The Corporate and Other segment’s revenue includes cost reimbursement revenue from Braemar’s capital contributions to Ashford Securities under the Third Amended and Restated Contribution Agreement between the Company, Ashford Trust and Braemar. Capital contributions are divided between the Company, Ashford Trust and Braemar based upon the actual amount of capital raised through Ashford Securities for each company which may result in increases or decreases to cost reimbursement revenue in any given reporting period. See discussion regarding Ashford Securities below. Ashford Securities — On December 31, 2020, the Company entered into an Amended and Restated Contribution Agreement with the Parties with respect to funding certain expenses of Ashford Securities. Beginning on the effective date of the Amended and Restated Contribution Agreement, costs to fund the operations of Ashford Securities were allocated 50% to the Company, 50% to Braemar and 0% to Ashford Trust. Upon reaching the Amended and Restated True-Up Date, there will be a true-up among the Parties whereby the actual amount contributed by each Party will be based on the actual amount of capital raised by such Party through Ashford Securities (the resulting ratio of contributions among the Parties, the “Initial True-Up Ratio”). On January 27, 2022, the Parties entered into a Second Amended and Restated Contribution Agreement which provided for an additional $18 million in aggregate contributions to Ashford Securities allocated 10% to the Company, 45% to Ashford Trust and 45% to Braemar. On February 3, 2023, the Amended and Restated True-Up Date occurred and, on March 30, 2023, Braemar paid the Company $8.7 million for Braemar’s portion of their contributions to fund Ashford Securities as calculated under the Initial True-Up Ratio. The $8.7 million payment consisted of $2.5 million and $6.2 million for the Company’s and Ashford Trust’s prior contributions made to Ashford Securities, respectively, which were owed by Braemar as calculated under the Initial True-Up Ratio. On March 30, 2023, the Company paid Ashford Trust $6.2 million. On February 1, 2023, the Parties entered into a Third Amended and Restated Contribution Agreement. The Third Amended and Restated Contribution Agreement states that after reaching the Amended and Restated True-Up Date capital contributions for the remainder of fiscal year 2023 will be divided between each Party based on the actual amount of capital raised by such Party through Ashford Securities. Thereafter on a yearly basis at year-end, starting with the year-end of 2023, there will be a true-up between the Parties whereby there will be adjustments so that the capital contributions made by each Party will be based on the cumulative amount of capital raised by each Party through Ashford Securities as a percentage of the total amount raised by the Parties collectively through Ashford Securities since June 19, 2019 (the resulting ratio of capital contributions among the Company, Ashford Trust and Braemar following this true-up, the “Cumulative Ratio”). Thereafter, the capital contributions will be divided among each Party in accordance with the Cumulative Ratio, as recalculated at the end of each year. As of September 30, 2023, Ashford Trust and Braemar had funded approximately $166,000 and $19.4 million, respectively. The Company recognized cost reimbursement revenue from Ashford Trust in our condensed consolidated statements of operations of $1.9 million and $3.9 million for the three and nine months ended September 30, 2023, respectively, and recognized a reduction to cost reimbursement revenue of $3.5 million and $2.3 million for the three and nine months ended September 30, 2022, respectively. The Company recognized cost reimbursement revenue from Braemar in our condensed consolidated statements of operations of $938,000 and $5.2 million for the three and nine months ended September 30, 2023, respectively, and $8.1 million and $10.8 million for the three and nine months ended September 30, 2022, respectively. Cost reimbursement revenue for the three and nine months ended September 30, 2023 includes $572,000 and $1.4 million of dealer manager fees earned by Ashford Securities for the placement of Ashford Trust’s non-listed preferred equity offerings, respectively. Cost reimbursement revenue for the three and nine months ended September 30, 2023 includes $2.0 million of dealer manager fees earned by Ashford Securities for the placement of Braemar’s non-listed preferred equity offerings. Expiration of Ashford Trust ERFP Agreement Related Leases — On June 26, 2018, the Company entered into an Enhanced Return Funding Program Agreement with Ashford Trust (the “Ashford Trust ERFP Agreement”). Although the Ashford Trust ERFP Agreement expired in accordance with its terms on June 26, 2021, certain obligations of the parties survived. In the first quarter of 2022, Ashford Trust purchased furniture, fixtures and equipment (“FF&E”) with a net book value of $1.1 million from the Company at the fair market value of $406,000 upon expiration of the underlying leases of the FF&E under the Ashford Trust ERFP Agreement. The Company recorded a loss on sale of the FF&E of $706,000 which is included within “other” operating expense in our condensed consolidated statement of operations for the nine months ended September 30, 2022. In the fourth quarter of 2022, Ashford Trust purchased FF&E with a net book value of $3.1 million from the Company at the fair market value of $1.0 million upon expiration of the underlying leases of the FF&E under the Ashford Trust ERFP Agreement. The Company recognized a $1.0 million outstanding receivable which is recorded in “due from Ashford Trust” in our condensed consolidated balance sheet as of September 30, 2023. In the first quarter of 2023, Ashford Trust purchased FF&E with a net book value of $1.5 million from the Company at the fair market value of $450,000 upon expiration of the underlying leases of the FF&E under the Ashford Trust ERFP Agreement. The Company recognized a $450,000 outstanding receivable which is recorded in “due from Ashford Trust” in our condensed consolidated balance sheet as of September 30, 2023. The Company recorded a loss on the sale of the FF&E of $1.0 million which is included within “other” operating expense in our condensed consolidated statement of operations for the nine months ended September 30, 2023. Other Related Party Transactions — On January 3, 2023, the Company acquired RHC, an affiliate owned by Mr. Monty J. Bennett, our Chairman and Chief Executive Officer and the Chairman of Ashford Trust and Braemar, and his father, Mr. Archie Bennett, Jr., Chairman Emeritus of Ashford Trust, from which the Company leases the offices for our corporate headquarters in Dallas, Texas. The purchase price paid was de minimis. We accounted for this transaction as an asset acquisition because substantially all of the fair value of the gross assets acquired was concentrated in a group of similar identifiable assets. Upon the acquisition date, the operating lease asset and corresponding operating lease liability of $17.2 million associated with the Company’s lease with RHC was eliminated upon consolidation. The following table summarizes the assets and liabilities acquired by the Company on the asset acquisition date (in thousands): January 3, 2023 Restricted cash $ 849 Property and equipment, net 2,183 Operating lease right-of-use assets 15,017 Total assets acquired 18,049 Operating lease liabilities 17,200 Other liabilities 849 Total assumed liabilities 18,049 Net assets acquired $ — On March 2, 2023, the Company entered into a Limited Waiver Under Advisory Agreement (the “2023 Braemar Limited Waiver”) with Braemar, Braemar OP, and Braemar TRS and a Limited Waiver Under Advisory Agreement (the “2023 Ashford Trust Limited Waiver” and, together with the 2023 Braemar Limited Waiver, the “2023 Limited Waivers”) with Ashford Trust, Ashford Trust OP, and Ashford Trust TRS. Pursuant to the 2023 Limited Waivers, the parties to the Second Amended and Restated Advisory Agreement with Ashford Trust and the Fifth Amended and Restated Advisory Agreement with Braemar waive the operation of any provision of such agreement that would otherwise limit the ability of Ashford Trust or Braemar, as applicable, in its discretion, at its cost and expense, to award during the first and second fiscal quarters of calendar year 2023 (the “2023 Waiver Period”) , cash incentive compensation to employees and other representatives of the Company; provided that, pursuant to the 2023 Ashford Trust Limited Waiver, such awarded cash incentive compensation does not exceed $13.1 million , in the aggregate, during the 2023 Waiver Period. Ashford Inc.’s Risk Management department collects funds from the Ashford Trust and Braemar properties and their respective management companies in an amount equal to the actuarial forecast of that year’s expected casualty claims and associated fees. These funds are deposited into restricted cash and used to pay casualty claims throughout the year as they are incurred. The claim liability related to the restricted cash balance is included in current “other liabilities” in our condensed consolidated balance sheets. See note 2. As of September 30, 2023 and December 31, 2022, Ashford Trust held a 15.06% noncontrolling interest in OpenKey, and Braemar held a 7.92% noncontrolling interest in OpenKey. The Company or its affiliates provide to the Bennetts or their permitted designees certain services, including, but not limited to, accounting, tax and administrative services pursuant to that certain Transition Cost Sharing Agreement entered into on November 6, 2019 in connection with Company’s acquisition of Remington from the Bennetts. The gross amount of expenses and reimbursements for these transition services for the three and nine months ended September 30, 2023 was $115,000 and $316,000, respectively. The gross amount of expenses and reimbursements for these transition services for the three and nine months ended September 30, 2022 was $100,000 and $290,000, respectively. The expenses and reimbursements for transition services are recorded on a net basis and, therefore, the reimbursed activity does not impact our condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022.

Income (Loss) Per Share

Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Income (Loss) Per Share	Income (Loss) Per Share The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ (2,991) $ (989) $ (100) $ 5,441 Less: Dividends on preferred stock, declared and undeclared (1) (9,054) (9,029) (27,132) (27,422) Undistributed net income (loss) allocated to common stockholders (12,045) (10,018) (27,232) (21,981) Distributed and undistributed net income (loss) - basic $ (12,045) $ (10,018) $ (27,232) $ (21,981) Effect of deferred compensation plan — — (1,509) (620) Distributed and undistributed net income (loss) - diluted $ (12,045) $ (10,018) $ (28,741) $ (22,601) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 3,116 2,960 3,065 2,895 Effect of deferred compensation plan shares — — 65 65 Weighted average common shares outstanding – diluted 3,116 2,960 3,130 2,960 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (3.87) $ (3.38) $ (8.88) $ (7.59) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (3.87) $ (3.38) $ (9.18) $ (7.64) ________ (1) Undeclared dividends were deducted to arrive at net income (loss) attributable to common stockholders. See note 12. Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings $ 111 $ 158 $ 399 $ 290 Net income (loss) attributable to subsidiary convertible interests 46 — 542 — Dividends on preferred stock, declared and undeclared 9,054 9,029 27,132 27,422 Total $ 9,211 $ 9,187 $ 28,073 $ 27,712 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 13 82 18 87 Effect of assumed conversion of Ashford Holdings units 97 89 96 56 Effect of conversion of subsidiary interests 463 125 336 116 Effect of assumed conversion of preferred stock 4,234 4,258 4,230 4,289 Total 4,807 4,554 4,680 4,548

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Our operating segments include: (a) Advisory, which provides asset management and advisory services to other entities; (b) Remington, which provides hotel management services; (c) Premier, which provides comprehensive and cost-effective design, development, architectural, and project management services; (d) INSPIRE, which provides event technology and creative communications solutions services; (e) OpenKey, a hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms; (f) RED, a provider of watersports activities and other travel and transportation services; and (g) Pure Wellness, which provides hypoallergenic premium rooms in the hospitality and commercial office industry. For 2023, Premier, OpenKey, RED, and Pure Wellness do not meet the aggregation criteria or the quantitative thresholds to individually qualify as reportable segments. However, we have elected to disclose Premier, RED and OpenKey as reportable segments. Accordingly, we have six reportable segments: Advisory, Remington, Premier, INSPIRE, RED and OpenKey. We combine the operating results of Pure Wellness and, for the three and nine months ended September 30, 2022, Marietta, into an “all other” seventh reportable segment, which we refer to as “Corporate and Other.” See note 3 for details of our segments’ material revenue generating activities. Our chief operating decision maker’s (“CODM”) primary measure of segment profitability is net income. Our CODM currently reviews assets at the consolidated level and does not currently review segment assets to make key decisions on resource allocations. Since such asset information by segment is not reviewed by our CODM, segment assets are not available for disclosure. Certain information concerning our segments for the three and nine months ended September 30, 2023 and 2022 are presented in the following tables (in thousands). Consolidated subsidiaries are reflected as of their respective acquisition dates or as of the date we were determined to be the primary beneficiary of variable interest entities. Three Months Ended September 30, 2023 Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 11,712 $ — $ — $ — $ — $ — $ — $ 11,712 Hotel management — 12,391 — — — — — 12,391 Design and construction fees — — 7,430 — — — — 7,430 Audio visual — — — 30,641 — — — 30,641 Other 40 — — — 8,375 373 2,387 11,175 Cost reimbursement revenue (1) 7,386 94,421 3,175 53 23 — 2,808 107,866 Total revenues 19,138 106,812 10,605 30,694 8,398 373 5,195 181,215 EXPENSES Depreciation and amortization 368 3,006 2,882 490 308 3 27 7,084 Other operating expenses (2) — 7,936 4,700 31,615 8,130 1,163 12,114 65,658 Reimbursed expenses (1) 7,389 94,421 3,175 53 23 — 2,808 107,869 Total operating expenses 7,757 105,363 10,757 32,158 8,461 1,166 14,949 180,611 OPERATING INCOME (LOSS) 11,381 1,449 (152) (1,464) (63) (793) (9,754) 604 Equity in earnings (loss) of unconsolidated entities — — — — — — (327) (327) Interest expense — — — (438) (445) (7) (2,760) (3,650) Amortization of loan costs — — — (42) (10) — (217) (269) Interest income — 44 — — — — 478 522 Realized gain (loss) on investments — (80) — — — — — (80) Other income (expense) — 13 — (85) — (3) — (75) INCOME (LOSS) BEFORE INCOME TAXES 11,381 1,426 (152) (2,029) (518) (803) (12,580) (3,275) Income tax (expense) benefit (2,780) (314) 8 907 263 — 2,121 205 NET INCOME (LOSS) $ 8,601 $ 1,112 $ (144) $ (1,122) $ (255) $ (803) $ (10,459) $ (3,070) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $2.8 million of hotel management fees revenue, cost reimbursement revenue and reimbursed expenses were eliminated in consolidation primarily for overhead expenses reimbursed to Remington including rent, payroll, office supplies, travel and accounting. (2) Other operating expenses includes salaries and benefits, costs of revenues for design and construction, cost of revenues for audio visual, general and administrative expenses and other expenses. Nine Months Ended September 30, 2023 Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services fees $ 36,129 $ — $ — $ — $ — $ — $ — $ 36,129 Hotel management fees — 39,456 — — — — — 39,456 Design and construction fees — — 21,964 — — — — 21,964 Audio visual — — — 112,347 — — — 112,347 Other 220 3 — — 25,797 1,184 4,853 32,057 Cost reimbursement revenue (1) 23,967 274,995 8,816 159 69 — 9,088 317,094 Total revenues 60,316 314,454 30,780 112,506 25,866 1,184 13,941 559,047 EXPENSES Depreciation and amortization 1,253 8,836 8,648 1,420 775 9 133 21,074 Other operating expenses (2) 1,032 24,324 14,227 104,425 23,412 3,891 37,870 209,181 Reimbursed expenses (1) 23,896 274,995 8,816 159 69 — 9,088 317,023 Total operating expenses 26,181 308,155 31,691 106,004 24,256 3,900 47,091 547,278 OPERATING INCOME (LOSS) 34,135 6,299 (911) 6,502 1,610 (2,716) (33,150) 11,769 Equity in earnings (loss) of unconsolidated entities — — — — — — (1,174) (1,174) Interest expense — — — (1,109) (1,138) (12) (7,650) (9,909) Amortization of loan costs — — — (121) (30) — (624) (775) Interest income — 99 — — — — 1,140 1,239 Realized gain (loss) on investments — (160) — — — — — (160) Other income (expense) — 84 — (155) 422 (64) (28) 259 INCOME (LOSS) BEFORE INCOME TAXES 34,135 6,322 (911) 5,117 864 (2,792) (41,486) 1,249 Income tax (expense) benefit (8,244) (1,531) 182 (3,000) (16) — 10,967 (1,642) NET INCOME (LOSS) $ 25,891 $ 4,791 $ (729) $ 2,117 $ 848 $ (2,792) $ (30,519) $ (393) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $8.8 million of hotel management fees revenue, cost reimbursement revenue and reimbursed expenses were eliminated in consolidation primarily for overhead expenses reimbursed to Remington including rent, payroll, office supplies, travel and accounting. (2) Other operating expenses includes salaries and benefits, costs of revenues for design and construction, cost of revenues for audio visual, general and administrative expenses and other expenses. Three Months Ended September 30, 2022 Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services fees $ 12,255 $ — $ — $ — $ — $ — $ — $ 12,255 Hotel management fees — 12,876 — — — — — 12,876 Design and construction fees — — 6,276 — — — — 6,276 Audio visual — — — 26,159 — — — 26,159 Other — — — — 6,608 389 3,394 10,391 Cost reimbursement revenue (1) 7,798 80,880 3,306 38 8 — 4,621 96,651 Total revenues 20,053 93,756 9,582 26,197 6,616 389 8,015 164,608 EXPENSES Depreciation and amortization 853 3,288 2,978 418 175 3 381 8,096 Other operating expenses (2) — 6,971 3,071 25,571 5,895 1,362 14,271 57,141 Reimbursed expenses (1) 7,723 80,880 3,306 38 8 — 4,621 96,576 Total operating expenses 8,576 91,139 9,355 26,027 6,078 1,365 19,273 161,813 OPERATING INCOME (LOSS) 11,477 2,617 227 170 538 (976) (11,258) 2,795 Equity in earnings (loss) of unconsolidated entities — — — — — — (147) (147) Interest expense — — — (345) (195) — (2,426) (2,966) Amortization of loan costs — — — (23) (10) — (186) (219) Interest income — 38 — — — — 38 76 Realized gain (loss) on investments — (3) — — — — — (3) Other income (expense) — 18 — (91) (1) — 52 (22) INCOME (LOSS) BEFORE INCOME TAXES 11,477 2,670 227 (289) 332 (976) (13,927) (486) Income tax (expense) benefit (2,849) (256) (112) 53 192 — 2,355 (617) NET INCOME (LOSS) $ 8,628 $ 2,414 $ 115 $ (236) $ 524 $ (976) $ (11,572) $ (1,103) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $3.5 million of hotel management fees revenue, cost reimbursement revenue and reimbursed expenses were eliminated in consolidation primarily for overhead expenses reimbursed to Remington including rent, payroll, office supplies, travel and accounting. (2) Other operating expenses includes salaries and benefits, costs of revenues for design and construction, cost of revenues for audio visual, general and administrative expenses and other expenses Nine Months Ended September 30, 2022 Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services fees $ 36,026 $ — $ — $ — $ — $ — $ — $ 36,026 Hotel management fees — 33,474 — — — — — 33,474 Design and construction fees — — 15,538 — — — — 15,538 Audio visual — — — 87,101 — — — 87,101 Other 16 181 — — 20,337 1,180 12,188 33,902 Cost reimbursement revenue (1) 22,626 221,407 7,355 134 17 4 8,436 259,979 Total revenues 58,668 255,062 22,893 87,235 20,354 1,184 20,624 466,020 EXPENSES Depreciation and amortization 2,558 9,107 8,914 1,358 501 9 1,293 23,740 Other operating expenses (2) 706 17,216 9,787 76,377 16,633 4,024 39,792 164,535 Reimbursed expenses (1) 22,312 221,407 7,355 134 17 4 8,436 259,665 Total operating expenses 25,576 247,730 26,056 77,869 17,151 4,037 49,521 447,940 OPERATING INCOME (LOSS) 33,092 7,332 (3,163) 9,366 3,203 (2,853) (28,897) 18,080 Equity in earnings (loss) of unconsolidated entities — — — — — — 110 110 Interest expense — — — (860) (537) — (5,384) (6,781) Amortization of loan costs — — — (93) (41) — (390) (524) Interest income — 145 — — — — 50 195 Realized gain (loss) on investments — (74) — — — — — (74) Other income (expense) — 18 — (95) (41) 4 (20) (134) INCOME (LOSS) BEFORE INCOME TAXES 33,092 7,421 (3,163) 8,318 2,584 (2,849) (34,531) 10,872 Income tax (expense) benefit (8,196) (251) (678) (3,318) (680) — 7,152 (5,971) NET INCOME (LOSS) $ 24,896 $ 7,170 $ (3,841) $ 5,000 $ 1,904 $ (2,849) $ (27,379) $ 4,901 ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $9.6 million of hotel management fees revenue, cost reimbursement revenue and reimbursed expenses were eliminated in consolidation primarily for overhead expenses reimbursed to Remington including rent, payroll, office supplies, travel and accounting. (2) Other operating expenses includes salaries and benefits, costs of revenues for design and construction, cost of revenues for audio visual, general and administrative expenses and other expenses.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn November 9, 2023, the Company drew the remaining balance available under the Credit Facility of $13.0 million.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation —The accompanying historical unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These condensed consolidated financial statements include the accounts of Ashford Inc., its majority-owned subsidiaries and entities that it controls. All significant intercompany accounts and transactions between these entities have been eliminated in these historical condensed consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the condensed consolidated financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in our 2022 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 17, 2023. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires significant judgment.
Investments in Unconsolidated Entities	Investments —Our subsidiary TSGF L.P. is accounted for as an investment company in accordance with GAAP under ASC 946. TSGF L.P.’s investment is reflected in “investments” in our condensed consolidated balance sheets at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of “other income (expense)” in our condensed consolidated statements of operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, at current market conditions (i.e., the exit price). The fair value of TSGF L.P.’s investment as of September 30, 2023 was $4.5 million. See note 8.
Acquisitions	Acquisitions —We account for acquisitions and investments in businesses as business combinations if the target meets the definition of a business and (a) the target is a VIE and we are the target’s primary beneficiary, and therefore we must consolidate its financial statements, or (b) we acquire more than 50% of the voting interest of the target and it was not previously consolidated. We record business combinations using the acquisition method of accounting, which requires all of the assets acquired and liabilities assumed to be recorded at fair value as of the acquisition date. The excess of the purchase price over the estimated fair values of the net tangible and intangible assets acquired is recorded as goodwill. The application of the acquisition method of accounting for business combinations requires management to make significant estimates and assumptions in the determination of the fair value of assets acquired and liabilities assumed in order to properly allocate purchase price consideration between assets that are depreciated and amortized from goodwill. The fair value assigned to tangible and intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. Significant assumptions and estimates include, but are not limited to, the cash flows that an asset is expected to generate in the future and the appropriate weighted-average cost of capital. If the actual results differ from the estimates and judgments used in these estimates, the amounts recorded in our condensed consolidated financial statements may be exposed to potential impairment of the intangible assets and goodwill.
Use of Estimates	Use of Estimates —The preparation of these condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents—Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase.
Accounts Receivable	Accounts Receivable —Accounts receivable consists primarily of receivables from customers of audio visual services and third-party owned properties managed by Remington. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments for services. The allowance is maintained at a level adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions and other relevant factors, including specific reserves for certain accounts.
Property and Equipment, net	Property and Equipment, net—Property and equipment, including assets acquired under finance leases, is depreciated using the straight-line method over estimated useful lives or lease terms if shorter. We record property and equipment at cost.
Other Liabilities	Other—As of September 30, 2023 and December 31, 2022, claims liabilities and other included reserves in the amount of $28.8 million and $23.5 million, respectively, related primarily to Ashford Trust and Braemar properties’ insurance claims and related fees. The liability for casualty insurance claims and related fees is established based upon an analysis of historical data and actuarial estimates. We record the related funds received from Ashford Trust and Braemar in “restricted cash” in our condensed consolidated balance sheets.
Income Taxes	Income Taxes —We are a taxable corporation for federal and state income tax purposes. Income tax expense includes U.S. federal and state income taxes, Mexico and Dominican Republic income taxes and U.S. Virgin Islands taxes. In accordance with authoritative accounting guidance, we account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between our consolidated financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. The “Income Taxes” topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our portfolio companies file income tax returns in the U.S. federal jurisdiction and various states and cities, beginning in 2017, in Mexico and the Dominican Republic and, beginning in 2018, in the U.S. Virgin Islands. Tax years 2018 through 2022 remain subject to potential examination by certain federal and state taxing authorities.
Recently Adopted and Recently Issued Accounting Standards	Recently Adopted Accounting Standards —In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) (“ASU 2019-10”). ASU 2019-10 revised the mandatory adoption date for public business entities that meet the definition of a smaller reporting company to be effective for fiscal years beginning after December 15, 2022. We adopted ASU 2016-13 and ASU 2019-10 effective January 1, 2023 and the adoption did not have a material impact on our condensed consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848 ) (“ASU 2020-04”), which provides optional guidance through December 31, 2022 to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. In January 2021, the FASB issued ASU 2021-01 , Reference Rate Reform (Topic 848), which further clarified the scope of the reference rate reform optional practical expedients and exceptions outlined in Topic 848. The amendments in ASU Nos. 2020-04 and 2021-01 apply to contract modifications that replace a reference rate affected by reference rate reform, providing optional expedients regarding the measurement of hedge effectiveness in hedging relationships that have been modified to replace a reference rate. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848) (“ASU 2022-06”), which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The Company applied the optional expedient in evaluating debt modifications converting from London Interbank Offered Rate (“LIBOR”) to Secured Overnight Financing Rate (“SOFR”). The Company adopted the standards upon the respective effective dates. There was no material impact as a result of this adoption. Recently Issued Accounting Standards —In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt - Debt with Conversion and Other Options , that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share , to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. For smaller reporting companies, ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. The Company continues to evaluate whether the adoption of ASU 2020-06 will have any impact on the Company’s financial statements. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”), which incorporates certain SEC disclosure requirements into the FASB Accounting Standards Codification. The amendments in this ASU clarify or improve disclosure and presentation requirements of a variety of Topics in the Codification and apply to all reporting entities within the scope of the affected topics unless otherwise indicated. For entities subject to the SEC’s existing disclosure requirements, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The amendments in this ASU should be applied prospectively. The Company continues to evaluate whether the adoption of ASU 2023-06 will have any impact on the Company’s financial statements.
Revenue Recognition	Revenue Recognition —Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, we satisfy a performance obligation In determining the transaction price, we include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The following provides detailed information on the recognition of our revenues from contracts with customers: Advisory Services Fees Revenue Advisory services fees revenue is reported within our Advisory segment and primarily consists of advisory fees that are recognized when services have been rendered. Advisory fees consist of base fees and incentive fees. For Ashford Trust, the base fee is paid monthly in an amount equal to 1/12 th of 0.70% of Ashford Trust’s total market capitalization plus the Net Asset Fee Adjustment, as defined in our Second Amended and Restated Advisory Agreement with Ashford Trust, as amended, subject to certain minimums. For Braemar, the base fee is paid monthly in an amount equal to 1/12 th of 0.70% of Braemar’s total market capitalization plus the Net Asset Fee Adjustment, as defined in our Fifth Amended and Restated Advisory Agreement with Braemar, as amended, subject to certain minimums. Incentive advisory fees are measured annually in each year that Ashford Trust’s and/or Braemar’s annual total stockholder return exceeds the average annual total stockholder return for each company’s respective peer group, subject to the Fixed Charge Coverage Ratio Condition (the “FCCR Condition”), as defined in the respective advisory agreements. Incentive advisory fees are paid over a three-year period and each payment is subject to the FCCR Condition, which relates to the ratio of adjusted EBITDA to fixed charges for Ashford Trust or Braemar, as applicable. Incentive advisory fees are a form of variable consideration and therefore must be (i) deferred until such fees are probable of not being subject to significant reversal, and (ii) tied to a performance obligation in the contract with the customer so that revenue recognition depicts the transfer of the related advisory services to the customer. Accordingly, the Company does not record incentive advisory fee revenue in interim periods prior to the fourth quarter of the year in which the incentive fee is measured. The first-year installment of incentive advisory fees will generally be recognized only upon measurement in the fourth quarter of the first year of the three-year period. The second- and third-year installments of incentive advisory fees are recognized as revenue on a pro rata basis each quarter subject to meeting the FCCR Condition. Hotel Management Fees Revenue Hotel management fees revenue is reported within our Remington segment and primarily consists of base management fees, incentive management fees and other management fees. Base management fees, incentive management fees and other management fees are recognized when services have been rendered. For hotels owned by Ashford Trust and Braemar, Remington receives base management fees of 3% of gross hotel revenue for managing the hotel employees and daily operations of the hotels, pursuant to Remington’s hotel management agreements, subject to a specified floor (which is subject to increase annually based on increases in the consumer price index). Remington additionally receives an incentive management fee for hotels owned by Ashford Trust and Braemar whenever a hotel’s gross operating profit (“GOP”) exceeds the hotel’s budgeted GOP. The incentive fee is equal to the lesser of 1% of each hotel’s annual gross revenue or the amount by which the respective hotel’s GOP exceeds the hotel’s budgeted GOP. The base management fees and incentive management fees that Remington receives for third-party owned properties vary by property. Other management fees primarily includes fees for health insurance programs administered on behalf of certain third-party properties. Health insurance program fees are recognized monthly at rates which approximate market rates for similar plans provided by independent insurance companies. Other management fees additionally includes fees for fixed monthly accounting services, revenue management services and other services at certain third-party properties. Design and Construction Fees Revenue Design and construction fees revenue primarily consists of revenue generated by our subsidiary, Premier Project Management LLC (“Premier”). Premier provides design and construction management services, capital improvements, refurbishment, project management, and other services such as purchasing, interior design, architectural services and freight management at properties. Premier receives fees for these services and recognizes revenue over time as services are provided to the customer. Audio Visual Revenue Audio visual revenue primarily consists of revenue generated within our INSPIRE segment by providing event technology services such as audio visual services, audio visual equipment rental, staging and meeting services and event-related communication systems as well as related technical support, to our customers in various venues including hotels and convention centers. Revenue is recognized in the period in which services are provided pursuant to the terms of the contractual arrangements with our customers. We also evaluate whether it is appropriate to present: (i) the gross amount that our customers pay for our services as revenue, and the related commissions paid to the venue as cost of revenue; or (ii) the net amount (gross revenue less the related commissions paid to the venue) as revenue. We are responsible for the delivery of the services, including providing the necessary labor and equipment to perform the services. We are generally subject to inventory risk, have latitude in establishing prices and selecting suppliers and, while in many cases the venue bills the end customer on our behalf, we bear the risk of collection from the customer. The venues’ commissions are not dependent on collections. As a result, our revenue is primarily reported on a gross basis. Cost of revenues for audio visual principally includes commissions paid to venues, direct labor costs, the cost of equipment sub-rentals, depreciation of equipment, amortization of signing bonuses, as well as other costs such as supplies, freight, travel and other overhead from our venue and customer facing operations and any losses on equipment disposal. Other Revenue Other revenue includes revenue provided by certain of our products and service businesses, including RED. RED’s revenue is primarily generated through the provision of watersports activities and ferry and excursion services. The revenue is recognized as services are provided based on contractual customer rates. Debt placement and related fees include revenue earned from providing placement, modifications, forbearances or refinancing of certain mortgage debt by our subsidiary, Lismore Capital II LLC (“Lismore”). For certain agreements, the fees are recognized based on a stated percentage of the loan amount when services have been rendered and the subject loan, modification or other transaction is closed. For other agreements, deferred income related to the various Lismore fees will be recognized over the term of the agreement on a straight-line basis as the service is rendered, only to the extent it is probable that a significant reversal of revenue will not occur. Constraints relating to variable consideration are resolved generally upon the closing of a transaction or financing event and the resulting change in the transaction price will be adjusted on a cumulative catch-up basis in the period a transaction or financing event closes. Cost Reimbursement Revenue Cost reimbursement revenue is recognized in the period we incur the related reimbursable costs. Under our advisory agreements and our Amended and Restated Contribution Agreement with Ashford Trust and Braemar (as defined below), we are entitled to be reimbursed for certain costs we incur on behalf of Ashford Trust and Braemar, with no added mark-up. These costs primarily consist of expenses related to Ashford Securities (as defined below), overhead, internal audit, risk management advisory services and asset management services, including compensation, benefits and travel expense reimbursements. We record cost reimbursement revenue for equity grants of Ashford Trust and Braemar common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Under our project management agreements and hotel management agreements, we are entitled to be reimbursed for certain costs we incur on behalf of Ashford Trust, Braemar and other hotel owners with no added mark-up. Design and construction costs primarily consist of costs for accounting, overhead and project manager services. Hotel management costs primarily consist of the properties’ payroll, payroll taxes and benefits-related expenses at managed properties where we are the employer of the employees at the properties as provided for in our contracts with Ashford Trust, Braemar and other hotel owners. The recognition of cost reimbursement revenue and reimbursed expenses for centralized software programs reimbursed by Ashford Trust and Braemar may result in temporary timing differences in our operating and net income. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. Certain of our consolidated entities enter into contracts with customers that contain multiple performance obligations. For these contracts, we account for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. We determine the standalone selling prices based on our consolidated entities’ overall pricing objectives taking into consideration market conditions and other factors, including the customer and the nature and value of the performance obligations within the applicable contracts. Practical Expedients and Exemptions We do not disclose the amount of variable consideration that we expect to recognize in future periods in the following circumstances: (1) if we recognize the revenue based on the amount invoiced or services performed; (2) if the consideration is allocated entirely to a wholly unsatisfied promise to transfer a distinct service that forms part of a single performance obligation, and the terms of the consideration relate specifically to our efforts to transfer, or to a specific outcome from transferring the service. Deferred Income and Contract Balances Deferred income primarily consists of customer billings in advance of revenue being recognized from our advisory agreements and other products and services contracts. Generally, deferred income that will be recognized within the next 12 months is recorded as current deferred income and the remaining portion is recorded as noncurrent. Current deferred income additionally includes customer deposits which could result in cash payments within the next 12 months. The change in the deferred income balance is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by revenue recognized that was included in the deferred income balance at the beginning of the period.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Noncontrolling Interest	The following tables present information about noncontrolling interests in our consolidated subsidiaries, including those related to consolidated VIEs, as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 Ashford OpenKey (3) Pure (4) TSGF L.P. (5) Ashford Inc. ownership interest 99.49 % 76.78 % 70.00 % 49.00 % Redeemable noncontrolling interests (1) (2) 0.51 % — % — % — % Noncontrolling interests in consolidated entities — % 23.22 % 30.00 % 51.00 % 100.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 1,764 n/a n/a n/a Redemption value adjustment, year-to-date 3 n/a n/a n/a Redemption value adjustment, cumulative 614 n/a n/a n/a Carrying value of noncontrolling interests n/a (375) (138) 2,561 Assets, available only to settle subsidiary’s obligations (6) n/a 1,819 1,257 5,047 Liabilities (7) n/a 849 1,854 19 Notes payable (7) n/a 237 — — Revolving credit facility (7) n/a — 150 — December 31, 2022 Ashford OpenKey (3) Pure (4) Ashford Inc. ownership interest 99.87 % 76.79 % 70.00 % Redeemable noncontrolling interests (1) (2) 0.13 % — % — % Noncontrolling interests in consolidated entities — % 23.21 % 30.00 % 100.00 % 100.00 % 100.00 % Carrying value of redeemable noncontrolling interests $ 1,614 n/a n/a Redemption value adjustment, year-to-date 32 n/a n/a Redemption value adjustment, cumulative 613 n/a n/a Carrying value of noncontrolling interests n/a 273 (106) Assets, available only to settle subsidiary’s obligations (6) n/a 2,114 1,580 Liabilities (7) n/a 1,078 2,048 Revolving credit facility (7) n/a — 150 ________ (1) Redeemable noncontrolling interests are included in the “mezzanine” section of our condensed consolidated balance sheets as they may be redeemed by the holder for cash or registered shares in certain circumstances outside of the Company’s control. The carrying value of the noncontrolling interests is based on the greater of the accumulated historical cost or the redemption value, which is generally fair value. (2) Redeemable noncontrolling interests in Ashford Hospitality Holdings LLC (“Ashford Holdings”) represent the members’ proportionate share of equity in earnings/losses of Ashford Holdings. Net income/loss attributable to the common unit holders is allocated based on the weighted average ownership percentage of the members’ interest. (3) Represents ownership interests in OpenKey, Inc. (“OpenKey”), a VIE for which we are considered the primary beneficiary and therefore we consolidate it. OpenKey is a hospitality-focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. (4) Represents ownership interests in PRE Opco, LLC (“Pure Wellness”), a VIE for which we are considered the primary beneficiary and therefore we consolidate it. Pure Wellness provides hypoallergenic premium rooms in the hospitality and commercial office industry. See note 11. (5) Represents ownership interests in TSGF L.P. a VIE for which we are considered the primary beneficiary and therefore we consolidate it. See note 4. (6) Total assets consist primarily of cash and cash equivalents, property and equipment and other assets that can only be used to settle the subsidiaries’ obligations. (7) Liabilities consist primarily of accounts payable, accrued expenses and notes payable for which creditors do not have recourse to Ashford Inc. See note 6.
Investments in Unconsolidated Entities	The following table summarizes our carrying value and ownership interest in REA Holdings (in thousands): September 30, 2023 December 31, 2022 Carrying value of the investment in REA Holdings $ 1,892 $ 3,067 Ownership interest in REA Holdings 30 % 30 % The following table summarizes our equity in earnings (loss) in REA Holdings (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Equity in earnings (loss) in unconsolidated entities REA Holdings $ (327) $ (147) $ (1,174) $ 110
Restricted Cash	Restricted cash was comprised of the following (in thousands): September 30, 2023 December 31, 2022 Advisory: Insurance claim reserves (1) $ 29,258 $ 23,471 Remington: Managed hotel properties’ reserves (2) 4,085 11,464 Insurance claim reserves (3) 2,872 2,123 Total Remington restricted cash 6,957 13,587 Total restricted cash $ 36,215 $ 37,058 ________ (1) Ashford Inc.’s Risk Management department collects funds from the Ashford Trust and Braemar properties and their respective management companies in an amount equal to the actuarial forecast of that year’s expected casualty claims and associated fees. These funds are deposited into restricted cash and used to pay casualty claims throughout the year as they are incurred. The claim liability related to the restricted cash balance is included in “claims liabilities and other” in our condensed consolidated balance sheets. (2) Cash received from hotel properties managed by Remington is used to pay certain centralized operating expenses as well as hotel employee bonuses. The liability related to the restricted cash balance for centralized billing is primarily included as a payable which is presented net within “due to/from Ashford Trust” and “due from Braemar” in our condensed consolidated balance sheets. The liability related to the restricted cash balance for hotel employee bonuses is included in “accounts payable and accrued expenses” in our condensed consolidated balance sheets. (3) Cash reserves for health insurance claims are collected primarily from Remington’s managed properties as well as certain of Ashford Inc.’s other subsidiaries to cover employee health insurance claims. The liability related to this restricted cash balance is included in “claims liabilities and other” in our condensed consolidated balance sheets.
Schedule of Notes Receivable, Related Parties	Notes receivable were comprised of the following (in thousands): September 30, 2023 December 31, 2022 Remington note receivable (1) $ 525 $ 1,506 Ashford LLC note receivable (2) 1,075 535 REA Holdings affiliate (3) 830 — Total notes receivable $ 2,430 $ 2,041 ________ (1) Remington holds a note receivable from a third party which matures on January 31, 2024. The interest rate on the note receivable is 10% per annum with payments of interest payable quarterly commencing March 31, 2023. As of September 30, 2023 and December 31, 2022, the outstanding principal balance is included in “prepaid expenses and other” and “other assets, net,” respectively, in our condensed consolidated balance sheets. (2) Ashford LLC holds a note receivable from a third party. The note bears interest at 8% per annum, compounding annually. Interest is paid in-kind and added to the outstanding principal balance until the note maturity date of November 11, 2026. The note receivable is recorded in “other assets, net” in our condensed consolidated balance sheet. (3) On April 3, 2023, the Company entered into a note receivable with an affiliate of REA Holdings. Principal plus any accrued interest is due to the Company on demand or, in the absence of any demand, 24 months. Interest is paid in-kind and added to the outstanding principal balance until the note maturity date. The interest rate on the note receivable is 7.5% per annum. The note receivable is recorded in “prepaid expenses and other” in our condensed consolidated balance sheet.

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Deferred Income Activity	The following tables summarize our consolidated deferred income activity (in thousands): Deferred Income 2023 2022 Balance as of June 30 $ 9,019 $ 8,680 Increases to deferred income 2,687 2,458 Recognition of revenue (1) (3,062) (3,175) Balance as of September 30 $ 8,644 $ 7,963 ________ (1) Revenue recognized in the three months ended September 30, 2023, which was previously included in deferred income includes (a) $809,000 of advisory revenue primarily related to our advisory agreements and our Amended and Restated Contribution Agreement with Ashford Trust and Braemar, (b) $34,000 of audio visual revenue and (c) $2.2 million of “other services” revenue earned by our products and services companies. Revenue recognized in the three months ended September 30, 2023 includes $4.0 million which was recorded in deferred income in our condensed consolidated balance sheet as of June 30, 2023. Deferred income recognized in the three months ended September 30, 2022, includes (a) $371,000 of advisory revenue primarily related to our advisory agreements and our Amended and Restated Contribution Agreement with Ashford Trust and Braemar, (b) $535,000 of audio visual revenue and (c) $1.6 million of “other services” revenue earned by our products and services companies. Deferred Income 2023 2022 Balance as of January 1 $ 7,800 $ 10,905 Increases to deferred income 9,512 8,247 Recognition of revenue (1) (8,668) (11,189) Balance as of September 30 $ 8,644 $ 7,963 ________ (1) Revenue recognized in the nine months ended September 30, 2023, which was previously included in deferred income includes (a) $629,000 of advisory revenue primarily related to our advisory agreements and our Amended and Restated Contribution Agreement with Ashford Trust and Braemar, (b) $1.5 million of audio visual revenue, and (c) $6.5 million of “other services” revenue earned by our products and services companies. Revenue recognized in the nine months ended September 30, 2023 includes $5.0 million which was recorded in deferred income in our condensed consolidated balance sheet as of December 31, 2022. Deferred income recognized in the nine months ended September 30, 2022 includes (a) $1.2 million of advisory revenue primarily related to our advisory agreements and our Amended and Restated Contribution Agreement with Ashford Trust and Braemar, (b) $2.2 million of audio visual revenue, (c) $2.3 million of other revenue related to Ashford Trust’s agreement with Lismore (see note 15), and (d) $4.8 million of “other services” revenue earned by our products and services companies, excluding Lismore.
Disaggregation of Revenue	Our revenues were comprised of the following for the three and nine months ended September 30, 2023 and 2022, respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Advisory services fees: Base advisory fees $ 11,514 $ 12,124 $ 35,539 $ 35,637 Incentive advisory fees 67 — 201 — Other advisory revenue 131 131 389 389 Total advisory services fees revenue 11,712 12,255 36,129 36,026 Hotel management fees: Base fees 9,159 9,285 28,557 24,943 Incentive fees 925 2,242 3,966 6,113 Other management fees 2,307 1,349 6,933 2,418 Total hotel management fees revenue 12,391 12,876 39,456 33,474 Design and construction fees revenue 7,430 6,276 21,964 15,538 Audio visual revenue 30,641 26,159 112,347 87,101 Other revenue: Watersports, ferry and excursion services (1) 8,375 6,608 25,797 20,337 Debt placement and related fees (2) 1,714 125 3,125 3,298 Cash management fees (3) 34 — 213 — Claims management services 5 — 6 16 Other services (4) 1,047 3,658 2,916 10,251 Total other revenue 11,175 10,391 32,057 33,902 Cost reimbursement revenue 107,866 96,651 317,094 259,979 Total revenues $ 181,215 $ 164,608 $ 559,047 $ 466,020 REVENUES BY SEGMENT (5) Advisory $ 19,138 $ 20,053 $ 60,316 $ 58,668 Remington 106,812 93,756 314,454 255,062 Premier 10,605 9,582 30,780 22,893 INSPIRE 30,694 26,197 112,506 87,235 RED 8,398 6,616 25,866 20,354 OpenKey 373 389 1,184 1,184 Corporate and other 5,195 8,015 13,941 20,624 Total revenues $ 181,215 $ 164,608 $ 559,047 $ 466,020 ________ (1) Watersports, ferry and excursion services revenue is earned by RED, which includes RED’s legacy operations in the U.S. Virgin Islands and the Turks and Caicos Islands, Alii Nui, which provides luxury sailing and watersports experiences in Maui, Hawaii and Sebago, a provider of watersports activities and excursion services based in Key West, Florida. (2) Debt placement and related fees are earned by Lismore for providing placement, modification, forbearance or refinancing services to Ashford Trust and Braemar. (3) Cash management fees include revenue earned by providing active management and investment of Ashford Trust and Braemar’s excess cash in short-term U.S. Treasury securities. (4) Other services revenue relates primarily to other hotel services provided by our consolidated subsidiaries OpenKey and Pure Wellness, to Ashford Trust, Braemar and third parties. The three and nine months ended September 30, 2022 included the revenue of Marietta Leasehold LP (“Marietta”), which holds the leasehold rights to a single hotel and convention center property in Marietta, Georgia, and was acquired by Ashford Trust on December 16, 2022. (5) We have six reportable segments: Advisory, Remington, Premier, INSPIRE, RED and OpenKey. We combine the operating results of Pure Wellness and, for the three and nine months ended September 30, 2022, Marietta into an “all other” category, which we refer to as “Corporate and Other.” See note 17 for discussion of segment reporting. The following table presents revenue from INSPIRE and RED geographically for the three and nine months ended September 30, 2023 and 2022, respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 INSPIRE: United States $ 25,464 $ 21,986 $ 81,803 $ 68,114 Mexico 3,465 2,345 23,530 14,118 Dominican Republic 1,765 1,866 7,173 5,003 Total audio visual revenue $ 30,694 $ 26,197 $ 112,506 $ 87,235 RED: Continental United States $ 2,668 $ 2,968 $ 8,138 $ 8,801 Hawaii 1,460 — 3,729 — U.S. Virgin Islands 3,102 2,613 10,026 8,634 United Kingdom (Turks and Caicos Islands) 1,168 1,035 3,973 2,919 Total watersports, ferry and excursion services $ 8,398 $ 6,616 $ 25,866 $ 20,354

Business Combination (Tables)

Business Combination (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Fair Value of the Purchase Price	The fair value of the purchase price and final allocation of the purchase price are as follows (in thousands): Cash $ 7,700 Cash consideration payable 300 Contingent consideration 1,000 RED Units 2,000 Working capital adjustments 304 Total fair value of purchase price $ 11,304
Preliminary Allocation of the Purchase Price	Fair Value Estimated Useful Life Current assets including cash of $996 $ 1,286 Property and equipment, net 2,254 20 years Goodwill 2,338 Trademarks 1,600 Boat slip rights 6,250 20 years Total assets acquired 13,728 Current liabilities 857 Deferred tax liability 1,567 Total assumed liabilities 2,424 Net assets acquired $ 11,304
Unaudited Pro Forma Results of Operations	The following table reflects the unaudited pro forma results of operations of the Company as if the Alii Nui acquisition had occurred on January 1, 2022, and the removal of $375,000 of transaction costs directly attributable to the acquisition (net of the incremental tax expense) for the nine months ended September 30, 2023 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total revenues $ 181,215 $ 166,685 $ 560,887 $ 472,270 Net income (loss) (3,070) (2,070) 85 4,869 Net income (loss) attributable to common stockholders (12,045) (10,985) (26,754) (22,013)

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, net (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The carrying amount of goodwill as of September 30, 2023 is as follows (in thousands): Remington RED Corporate and Other (1) Consolidated Balance at December 31, 2022 $ 56,658 $ 1,235 $ 782 $ 58,675 Changes in goodwill: Additions (2) — 686 — 686 Adjustments (2) — 1,652 — 1,652 Balance at September 30, 2023 $ 56,658 $ 3,573 $ 782 $ 61,013 ________ (1) Corporate and Other includes the goodwill from the Company’s acquisition of Pure Wellness.
Schedule of Finite-Lived Intangible Assets	Intangible assets, net as of September 30, 2023 and December 31, 2022, are as follows (in thousands): September 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts $ 114,731 $ (49,046) $ 65,685 $ 114,731 $ (40,519) $ 74,212 Premier management contracts 194,000 (61,959) 132,041 194,000 (53,415) 140,585 INSPIRE customer relationships 9,319 (6,366) 2,953 9,319 (5,527) 3,792 RED boat slip rights (1) 9,350 (835) 8,515 3,100 (535) 2,565 $ 327,400 $ (118,206) $ 209,194 $ 321,150 $ (99,996) $ 221,154 Gross Carrying Amount Gross Carrying Amount Indefinite-lived intangible assets: Remington trademarks $ 4,900 $ 4,900 RED trademarks (2) 2,090 490 $ 6,990 $ 5,390 ________ (1) Includes $6.3 million of boat slip rights acquired in RED’s acquisition of Alii Nui on March 17, 2023. See note 4. (2) Includes $1.6 million of trademarks acquired in RED’s acquisition of Alii Nui on March 17, 2023. See note 4.
Schedule of Indefinite-Lived Intangible Assets	Intangible assets, net as of September 30, 2023 and December 31, 2022, are as follows (in thousands): September 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Remington management contracts $ 114,731 $ (49,046) $ 65,685 $ 114,731 $ (40,519) $ 74,212 Premier management contracts 194,000 (61,959) 132,041 194,000 (53,415) 140,585 INSPIRE customer relationships 9,319 (6,366) 2,953 9,319 (5,527) 3,792 RED boat slip rights (1) 9,350 (835) 8,515 3,100 (535) 2,565 $ 327,400 $ (118,206) $ 209,194 $ 321,150 $ (99,996) $ 221,154 Gross Carrying Amount Gross Carrying Amount Indefinite-lived intangible assets: Remington trademarks $ 4,900 $ 4,900 RED trademarks (2) 2,090 490 $ 6,990 $ 5,390 ________ (1) Includes $6.3 million of boat slip rights acquired in RED’s acquisition of Alii Nui on March 17, 2023. See note 4. (2) Includes $1.6 million of trademarks acquired in RED’s acquisition of Alii Nui on March 17, 2023. See note 4.

Notes Payable, net (Tables)

Notes Payable, net (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Notes payable, net consisted of the following (in thousands): Indebtedness Borrower Maturity Interest Rate September 30, 2023 December 31, 2022 Credit facility (6) (9) Ashford Inc. April 1, 2027 Base Rate (1) + 6.35% or Adjusted Term SOFR (3) + 7.35% $ 87,000 $ 70,000 Note payable (6) (11) Ashford Inc. February 29, 2028 4.00% 1,300 1,495 Note payable (5) (17) OpenKey On demand 15.00% 237 — Term loan (5) (7) (10) INSPIRE March 24, 2028 BSBY Rate (2) + 2.75% 19,000 17,300 Revolving credit facility (5) (7) (10) INSPIRE March 24, 2028 BSBY Rate (2) + 2.75% 466 — Equipment note (5) (7) (10) INSPIRE March 24, 2028 BSBY Rate (2) + 2.75% 2,000 — Revolving credit facility (5) (12) Pure Wellness On demand Prime Rate (4) + 1.00% 150 150 Term loan (5) (8) (13) RED July 18, 2029 6.00% 1,654 1,596 Term loan (5) (8) RED April 18, 2024 6.50% 123 337 Term loan (5) (8) (14) RED August 5, 2029 Prime Rate (4) + 2.00% 815 858 Term loan (5) (8) RED August 5, 2029 Prime Rate (4) + 2.00% 1,868 1,980 Term loan (6) (8) RED August 5, 2029 Prime Rate (4) + 1.75% 2,758 3,006 Term loan (5) (8) (18) RED March 17, 2033 Prime Rate (4) + 1.50% 1,655 — Term loan (5) (8) (18) RED March 17, 2033 Prime Rate (4) + 1.50% 2,358 — Term loan (5) (8) (20) RED May 19, 2033 Prime Rate (4) + 1.00% 632 — Draw term loan (5) (8) (15) RED March 17, 2032 5.00% 971 641 Draw term loan (5) (8) (15) RED March 17, 2032 5.00% 1,009 640 Draw term loan (5) (8) (16) RED Various (16) Prime Rate (4) + 1.00% 1,419 1,099 Draw term loan (5) (8) (21) RED February 5, 2029 Prime Rate (4) + 1.25% 84 — RED Units (5) (19) RED See footnote (19) 6.50% 2,000 — Total notes payable 127,499 99,102 Capitalized default interest, net — 148 Deferred loan costs, net (2,643) (2,643) Original issue discount, net (9) (1,470) (1,732) Notes payable including capitalized default interest and deferred loan costs, net 123,386 94,875 Less current portion (4,145) (5,195) Total notes payable, net - non-current $ 119,241 $ 89,680 __________________ (1) Base Rate, as defined in the amended credit facility agreement with Mustang Lodging Funding LLC, is the greater of (i) the Wall Street Journal prime rate, (ii) the federal funds rate plus 0.50%, (iii) Adjusted Term SOFR plus 1.00%, or (iv) 1.25%. (2) The Daily Adjusting Bloomberg Short-Term Bank Yield Index rate (the “BSBY Rate”) was 5.39% at September 30, 2023. (3) Adjusted Term SOFR is the one-month forward-looking SOFR rate plus 0.03%. Adjusted Term SOFR was 5.35% at September 30, 2023. (4) The Prime Rate was 8.50% and 7.50% at September 30, 2023 and December 31, 2022, respectively. (5) Creditors do not have recourse to Ashford Inc. (6) Creditors have recourse to Ashford Inc. (7) INSPIRE’s revolving credit facility and equipment note are collateralized primarily by INSPIRE’s eligible receivables, including accounts receivable, due from Ashford Trust and due from Braemar, with a total carrying value of $10.1 million as of September 30, 2023. INSPIRE’s term loan is collateralized by substantially all of the assets of INSPIRE. (8) RED’s loans are collateralized primarily by RED’s marine vessels and associated leases with a carrying value of $17.7 million and $13.6 million as of September 30, 2023 and December 31, 2022, respectively. (9) On March 31, 2023, the Company amended its Credit Agreement (the “Credit Agreement”), previously entered into on April 1, 2022, with Mustang Lodging Funding LLC, as administrative agent, and the lenders from time to time party thereto. The amendment replaced the one-month LIBOR rate with Adjusted Term SOFR. The Credit Agreement evidences a senior secured term loan facility (the “Credit Facility”) in the amount of $100.0 million, including a $50.0 million term loan funded on the closing date of the Credit Facility (the “Closing Date”) and commitments to fund up to an additional $50.0 million of term loans in up to five separate borrowings within 24 months after the Closing Date, subject to certain conditions. The Credit Facility is a five-year interest-only facility with all outstanding principal due at maturity, with three successive one-year extension options subject to an increase in the interest rate during each extension period. Borrowings under the Credit Agreement will bear interest, at the Company’s option, at either Adjusted Term SOFR plus an applicable margin, or the Base Rate plus an applicable margin. The applicable margin for borrowings under the Credit Agreement for Adjusted Term SOFR loans will be 7.35% per annum and the applicable margin for Base Rate loans will be 6.35% per annum, with increases to both applicable margins of 0.50%, 0.75% and 1.00% per annum during each of the three extension periods, respectively. Undrawn balances of the Credit Facility are subject to an unused fee of 1.0% during the first 24 months of the term, payable on the last business day of each month. The Credit Facility included an original issue discount of $2.0 million on the Closing Date. As of September 30, 2023, the amount unused under the Credit Facility was $13.0 million. (10) On March 24, 2023, INSPIRE amended its credit agreement by entering into the INSPIRE Amendment. The INSPIRE Amendment increased the maximum borrowing capacity under INSPIRE’s Revolving Note from $3.0 million to $6.0 million, provides for a $20.0 million Term Note and an Equipment Note pursuant to which, until September 24, 2027, INSPIRE may request advances up to $4.0 million in the aggregate to purchase new machinery or equipment to be used in the ordinary course of business. The INSPIRE Amendment extended the maturity date of INSPIRE’s Notes from January 1, 2024 to March 24, 2028. Monthly principal payments commence on April 1, 2023 for the Term Note in the amount of approximately $167,000. Borrowings under the Revolving Note require monthly payments of interest only until the maturity date and borrowings under the Equipment Note require monthly principal payments at 1/60th of the original principal amount of each advance. The Notes bear interest at the BSBY Rate plus a margin of 2.75% and the undrawn balance of the Revolving Note and the Equipment Note are subject to an unused fee of 0.25% per annum. As of September 30, 2023, the amounts unused under INSPIRE’s revolving credit facility and equipment note were $5.5 million and $2.0 million, respectively. (11) On March 9, 2021, we acquired all of the redeemable noncontrolling interests in OpenKey for a purchase price of approximately $1.9 million. Pursuant to the agreement, the purchase price will be paid to the seller in equal monthly installments over a seven-year term and will include interest in arrears at an annualized rate of 4.0%. The purchase price is payable in Ashford Inc. common stock, including a 10% premium, or cash at our sole discretion. (12) As of September 30, 2023, the amount unused under Pure Wellness’s revolving credit facility was $100,000. (13) On July 18, 2019, RED entered into a term loan of $1.7 million. The interest rate for the term loan is 6.0% for the first five years. After five years, the interest rate is equal to the Prime Rate plus 0.5% with a floor of 6.0%. (14) On July 23, 2021, RED entered into a term loan agreement with a maximum principal amount of $900,000. (15) On March 17, 2022, in connection with the purchase and construction of marine vessels, RED entered into two closed-end non-revolving line of credit loans of $1.5 million each which convert to term loans once fully drawn. Each loan bears an interest rate of 5.0% for the first three years. After three years, the interest rate is equal to the Prime Rate plus 0.5% with a floor of 5.0%. (16) On September 15, 2022, RED entered into a closed-end non-revolving line of credit for $1.5 million that converts into an individual term loan each time RED draws upon the facility. As of September 30, 2023, RED had drawn the full amount allowed under the line of credit. Maturity dates for amounts drawn under the facility are November 30, 2027, December 28, 2027 and January 20, 2028. (17) On February 2, 2023, OpenKey entered into a loan funding agreement with Braemar with a maximum loan amount of $395,000. As of September 30, 2023, the remaining unused loan balance was $158,000. (18) On March 17, 2023, in connection with the acquisition of Alii Nui, RED entered into two term loans of $1.7 million and $2.4 million. RED is required to make monthly payments on the term loans starting April 17, 2023. (19) On March 17, 2023, in connection with the Alii Nui acquisition, RED issued 80,000 RED Units at $25 per unit with a liquidation value of $2.0 million. The RED Units accrue interest at 6.5% per annum with required quarterly payments. The RED Units are considered a form of financing the acquisition of Alii Nui under current accounting guidance and is recorded as a non-current note payable in our condensed consolidated balance sheet. See note 4. (20) On May 19, 2023, RED entered into a term loan for two vessels. The interest rate is equal to the Prime Rate plus 1.00% and the note matures on May 19, 2033. RED is required to make monthly principal payments on the term loan starting in June 2023. (21) On August 4, 2023, RED entered into a draw term loan with Merchants Commercial Bank with a maximum draw of $900,000 through February 5, 2024. The interest rate is equal to the Prime Rate plus 1.25% and the maturity date is February 5, 2029. As of September 30, 2023, the amount unused under RED’s draw term loan was $816,000.

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued expenses were comprised of the following (in thousands): September 30, 2023 December 31, 2022 Accounts payable $ 18,493 $ 18,841 Accrued payroll expense 20,413 30,626 Accrued vacation expense 2,286 2,418 Accrued interest 422 381 Other accrued expenses 453 3,813 Total accounts payable and accrued expenses $ 42,067 $ 56,079

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Significant Unobservable Inputs Total September 30, 2023 Assets Investments $ — $ — $ 4,500 (1) $ 4,500 Restricted Investment: Ashford Trust common stock 24 (2) — — 24 Braemar common stock 64 (2) — — 64 Total $ 88 $ — $ 4,500 $ 4,588 Liabilities Contingent consideration $ (1,000) (3) $ — $ (2,750) (4) $ (3,750) Deferred compensation plan (1,370) — — (1,370) Total $ (2,370) $ — $ (2,750) $ (5,120) Net $ (2,282) $ — $ 1,750 $ (532) __________________ (1) Represents the fair value of TSGF L.P.’s investment which is reported within “investments” in our condensed consolidated balance sheets. (2) The restricted investment includes shares of common stock of Ashford Trust and Braemar purchased by Remington on the open market and held for the purpose of providing compensation to certain employees. The compensation agreement liability is based on ratably accrued vested shares through September 30, 2023, which are distributed to the plan participants upon vesting. The liability is the total accrued vested shares multiplied by the fair value of the quoted market price of the underlying investment. (3) Represents the fair value of the contingent consideration liability related to Alii Nui obtaining the Permit which is reported within “claims liabilities and other” in our condensed consolidated balance sheets. (4) Represents the fair value of the contingent consideration liability related to the achievement of certain performance targets associated with the acquisition of Chesapeake, which is reported within “other liabilities” in our condensed consolidated balance sheets. Quoted Market Prices (Level 1) Significant Other Significant Unobservable Inputs Total December 31, 2022 Assets Restricted Investment: Ashford Trust common stock $ 57 (1) $ — $ — $ 57 Braemar common stock 246 (1) — — 246 Total $ 303 $ — $ — $ 303 Liabilities Contingent consideration $ — $ — $ (2,320) (2) $ (2,320) Subsidiary compensation plan — (74) (1) — (74) Deferred compensation plan (2,849) — — (2,849) Total $ (2,849) $ (74) $ (2,320) $ (5,243) Net $ (2,546) $ (74) $ (2,320) $ (4,940) __________________ (1) The restricted investment includes shares of common stock of Ashford Trust and Braemar purchased by Remington on the open market and held for the purpose of providing compensation to certain employees. The compensation agreement liability is based on ratably accrued vested shares through December 31, 2022, which are distributed to the plan participants upon vesting. The liability is the total accrued vested shares multiplied by the fair value of the quoted market price of the underlying investment. (2) Represents the fair value of the contingent consideration liability related to the achievement of certain performance targets associated with the acquisition of Chesapeake, which is reported within “other liabilities” in our condensed consolidated balance sheets. The following table presents our roll forward of our Level 3 investments (in thousands): Investments (1) Balance at December 31, 2022 and June 30, 2023 $ — TSGF L.P. investment 4,500 Balance at September 30, 2023 $ 4,500 __________________ (1) TSGF L.P.’s investment is measured at fair value at each reporting period. The Company used the market value approach method when determining the fair value of the investment acquired as of September 30, 2023. The following table presents our roll forward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability (1) Balance at December 31, 2022 $ (2,320) Gains (losses) from fair value adjustments included in earnings (300) Balance at June 30, 2023 (2,620) Gains (losses) from fair value adjustments included in earnings (130) Balance at September 30, 2023 $ (2,750) __________________ (1) The Company measures contingent consideration liabilities related to the Chesapeake acquisition in April of 2022 at fair value at each reporting period using significant unobservable inputs classified within Level 3 of the fair value hierarchy. The fair value of the contingent consideration liability is based on the present value of the expected future payments to be made to the sellers of Chesapeake in accordance with the provisions outlined in the respective purchase agreements, which is a Level 3 fair value measurement. In determining fair value, the Company estimates Chesapeake’s future performance using a Monte Carlo simulation model. The key assumptions in applying the Monte Carlo simulation model are (a) a discount rate, with a range of 36.01% to 36.03%; (b) a forward - looking risk-free rate, with a range of 5.34% to 5.47%; and (c) a volatility rate of 48.15%.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents our roll forward of our Level 3 investments (in thousands): Investments (1) Balance at December 31, 2022 and June 30, 2023 $ — TSGF L.P. investment 4,500 Balance at September 30, 2023 $ 4,500 __________________ (1) TSGF L.P.’s investment is measured at fair value at each reporting period. The Company used the market value approach method when determining the fair value of the investment acquired as of September 30, 2023. The following table presents our roll forward of our Level 3 contingent consideration liability (in thousands): Contingent Consideration Liability (1) Balance at December 31, 2022 $ (2,320) Gains (losses) from fair value adjustments included in earnings (300) Balance at June 30, 2023 (2,620) Gains (losses) from fair value adjustments included in earnings (130) Balance at September 30, 2023 $ (2,750) __________________ (1) The Company measures contingent consideration liabilities related to the Chesapeake acquisition in April of 2022 at fair value at each reporting period using significant unobservable inputs classified within Level 3 of the fair value hierarchy. The fair value of the contingent consideration liability is based on the present value of the expected future payments to be made to the sellers of Chesapeake in accordance with the provisions outlined in the respective purchase agreements, which is a Level 3 fair value measurement. In determining fair value, the Company estimates Chesapeake’s future performance using a Monte Carlo simulation model. The key assumptions in applying the Monte Carlo simulation model are (a) a discount rate, with a range of 36.01% to 36.03%; (b) a forward - looking risk-free rate, with a range of 5.34% to 5.47%; and (c) a volatility rate of 48.15%.
Effect of Fair Value Measured Liabilities on Statements of Operations and Comprehensive Income (Loss)	The following table summarizes the effect of fair value measured assets and liabilities on our condensed consolidated statements of operations (in thousands): Gain (Loss) Recognized Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Assets Unrealized gain (loss) on investment: (1) Ashford Trust common stock $ 5 $ 12 $ 68 $ 68 Braemar common stock 8 6 15 (50) Realized gain (loss) on investment: (2) Ashford Trust common stock (73) (3) (146) (97) Braemar common stock (7) — (14) 23 Total $ (67) $ 15 $ (77) $ (56) Liabilities Contingent consideration (3) $ (130) $ (300) $ (430) $ (300) Subsidiary compensation plan (4) — (42) (6) (110) Deferred compensation plans (4) 689 78 1,479 567 Total $ 559 $ (264) $ 1,043 $ 157 Net $ 492 $ (249) $ 966 $ 101 __________________ (1) Represents the unrealized gain (loss) on shares of common stock of Ashford Trust and Braemar purchased by Remington on the open market and held for the purpose of providing compensation to certain employees. Reported as a component of “other income (expense)” in our condensed consolidated statements of operations. (2) Represents the realized gain (loss) on shares of common stock of Ashford Trust and Braemar purchased by Remington on the open market and held for the purpose of providing compensation to certain employees. (3) Represents the changes in fair value of our contingent consideration liabilities. The change in the fair value in the three and nine months ended September 30, 2023 related to the level of achievement of certain performance targets associated with the acquisition of Chesapeake in April of 2022. Changes in the fair value of contingent consideration are reported within “other” operating expense in our condensed consolidated statements of operations. (4) Reported as a component of “salaries and benefits” in our condensed consolidated statements of operations. Restricted Investment The historical cost and approximate fair values, together with gross unrealized gains and losses, of securities restricted for use in our subsidiary compensation plan are as follows (in thousands): Historical Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: September 30, 2023 Equity securities (1) $ 672 $ — $ (584) $ 88 __________________ (1) Distributions of $210,000 of available - for - sale securities occurred in the nine months ended September 30, 2023. Historical Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: December 31, 2022 Equity securities (1) $ 821 $ — $ (518) $ 303 __________________ (1) Distributions of $365,000 of available - for - sale securities occurred in the year ended December 31, 2022.

Summary of Fair Value of Fina_2

Summary of Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, All Other Investments [Abstract]
Schedule of Financial Assets and Liabilities Measured and Not Measured at Fair Value	Certain of our financial instruments are not measured at fair value on a recurring basis. The estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold or settled. The carrying amounts and estimated fair values of financial instruments were as follows (in thousands): September 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Financial assets measured at fair value: Restricted investment $ 88 $ 88 $ 303 $ 303 Investments 4,500 4,500 — — Financial liabilities measured at fair value: Deferred compensation plan $ 1,370 $ 1,370 $ 2,849 $ 2,849 Contingent consideration 3,750 3,750 2,320 2,320 Financial assets not measured at fair value: Cash and cash equivalents $ 28,018 $ 28,018 $ 44,390 $ 44,390 Restricted cash 36,215 36,215 37,058 37,058 Accounts receivable, net 31,038 31,038 17,615 17,615 Notes receivable 2,454 2,454 2,041 2,041 Due from affiliates 575 575 463 463 Due from Ashford Trust 7,625 7,625 — — Due from Braemar — — 11,828 11,828 Financial liabilities not measured at fair value: Accounts payable and accrued expenses $ 42,067 $ 42,067 $ 56,079 $ 56,079 Dividends payable 28,318 28,318 27,285 27,285 Due to affiliates 49 49 15 15 Due to Ashford Trust — — 1,197 1,197 Due to Braemar 3,533 3,533 — — Claims liabilities and other 32,643 32,643 26,547 26,547 Notes payable 127,499 121,124 to 133,874 99,102 94,147 to 104,057

Equity (Deficit) (Tables)

Equity (Deficit) (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of (Income) Loss Attributed To Noncontrolling Interests	The following table summarizes the (income) loss attributable to noncontrolling interests for each of our consolidated entities (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Income) loss attributable to noncontrolling interests: OpenKey $ 187 $ 223 $ 647 $ 677 Pure Wellness (10) 49 32 153 TSGF L.P. 13 — 13 — Total net (income) loss attributable to noncontrolling interests $ 190 $ 272 $ 692 $ 830

Mezzanine Equity (Tables)

Mezzanine Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	The following table summarizes the net (income) loss attributable to our redeemable noncontrolling interests (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net (income) loss attributable to redeemable noncontrolling interests: Ashford Holdings $ (111) $ (158) $ (399) $ (290)
Dividends Declared	Convertible preferred stock cumulative dividends declared during the three and nine months ended September 30, 2023 and 2022 for all issued and outstanding shares were as follows (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Preferred dividends - declared $ 8,700 $ — $ 26,099 $ 35,219 Preferred dividends per share - declared $ 0.4550 $ — $ 1.3650 $ 1.8420 Aggregate undeclared convertible preferred stock cumulative dividends (in thousands, except per share amounts): September 30, 2023 December 31, 2022 Aggregate preferred dividends - undeclared $ 19,619 $ 18,414 Aggregate preferred dividends - undeclared per share $ 1.0261 $ 0.9631

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Compensation Cost	Equity-based compensation expense is primarily recorded in “salaries and benefits expense” and REIT equity-based compensation expense is primarily recorded in “reimbursed expenses” in our condensed consolidated statements of operations. The components of equity-based compensation expense for the three and nine months ended September 30, 2023 and 2022 are presented below by award type (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Equity-based compensation Class 2 LTIP units and stock option amortization (1) $ 32 $ 979 $ 97 $ 1,365 Employee LTIP units and equity grant expense (2) 428 896 1,308 1,725 Director and other non-employee equity grants expense (3) 4 46 539 501 Total equity-based compensation $ 464 $ 1,921 $ 1,944 $ 3,591 Other equity-based compensation REIT equity-based compensation (4) $ 3,029 $ 4,638 $ 10,167 $ 13,116 $ 3,493 $ 6,559 $ 12,111 $ 16,707 ________ (1) As of September 30, 2023, the Company had approximately $189,000 of total unrecognized compensation expense related to the Class 2 LTIP units that will be recognized over a weighted average period of 1.5 years. (2) As of September 30, 2023, the Company had approximately $3.0 million of total unrecognized compensation expense related to restricted shares and LTIP units that will be recognized over a weighted average period of 1.9 years. (3) Grants of stock, restricted stock and stock units to independent directors and other non-employees are recorded at fair value based on the market price of our shares at grant date, and this amount is expensed in “general and administrative” expense. (4) REIT equity-based compensation expense is primarily recorded in “reimbursed expenses” and is associated with equity grants of Ashford Trust’s and Braemar’s common stock and LTIP units awarded to our officers and employees.

Deferred Compensation Plan (Tab

Deferred Compensation Plan (Tables)	9 Months Ended
	Sep. 30, 2023
Compensation Related Costs [Abstract]
Schedule of Deferred Compensation Plan	The following table summarizes the DCP activity (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Change in fair value Unrealized gain (loss) $ 689 $ 78 $ 1,479 $ 567

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the revenues and expenses related to Ashford Trust (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 REVENUES BY TYPE Advisory services fees: Base advisory fees $ 8,121 $ 8,855 $ 24,839 $ 26,202 Hotel management fees: Base management fees 6,020 6,230 19,428 17,805 Incentive management fees 731 1,376 3,464 4,080 Total hotel management fees revenue (1) 6,751 7,606 22,892 21,885 Design and construction fees revenue (2) 4,532 3,065 12,771 7,881 Other revenue: Watersports, ferry and excursion services (4) 21 74 58 198 Debt placement and related fees (5) 377 125 1,677 3,108 Cash management fees (6) 19 — 106 — Claims management services (7) 3 — 4 15 Other services (8) 419 342 1,152 1,018 Total other revenue 839 541 2,997 4,339 Cost reimbursement revenue 70,196 61,687 206,857 181,613 Total revenues $ 90,439 $ 81,754 $ 270,356 $ 241,920 REVENUES BY SEGMENT (9) Advisory $ 12,096 $ 12,221 $ 36,799 $ 37,381 Remington 69,490 66,888 208,728 189,375 Premier 6,125 5,593 17,927 13,073 INSPIRE 28 19 84 74 RED 33 79 95 208 OpenKey 30 29 89 93 Corporate and other (10) 2,637 (3,075) 6,634 1,716 Total revenues $ 90,439 $ 81,754 $ 270,356 $ 241,920 COST OF REVENUES Cost of revenues for audio visual (3) $ 2,012 $ 1,833 $ 7,205 $ 5,506 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenue from guests at REIT properties (3) $ 4,502 $ 4,267 $ 16,785 $ 12,903 ________ (1) Hotel management fees revenue is reported within our Remington segment. Base management fees and incentive management fees are recognized when services have been rendered. Remington receives base management fees of 3% of gross hotel revenue for managing the hotel employees and daily operations of the hotels, subject to a specified floor (which is subject to increase annually based on increases in the consumer price index). Remington receives an incentive management fee equal to the lessor of 1% of each hotel’s annual gross revenues or the amount by which the respective hotel’s gross operating profit exceeds the hotel’s budgeted gross operating profit. See note 3 for discussion of the hotel management fees revenue recognition policy. (2) Design and construction fees revenue primarily consists of revenue generated within our Premier segment by providing design, development, architectural, and project management services for which Premier receives fees. See note 3 for discussion of the design and construction fees revenue recognition policy. (3) INSPIRE primarily contracts directly with customers to whom they provide services. INSPIRE recognizes the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Ashford Trust, for INSPIRE are recognized in “cost of revenues for audio visual” in our condensed consolidated statements of operations. See note 3 for discussion of the revenue recognition policy. (4) Watersports, ferry and excursion services revenue includes revenue that is earned by RED for providing services directly to Ashford Trust rather than contracting with third-party customers. (5) Debt placement and related fees are earned by Lismore for providing debt placement, modification, forbearance and refinancing services. (6) Cash management fees include revenue earned by providing active management and investment of Ashford Trust’s excess cash in short-term U.S. Treasury securities. (7) Claims management services include revenue earned from providing insurance claim assessment and administration services. (8) Other services revenue is primarily associated with other hotel products and services, such as mobile key applications and hypoallergenic premium rooms, provided to Ashford Trust by our consolidated subsidiaries, OpenKey and Pure Wellness. (9) See note 17 for discussion of segment reporting. (10) The Corporate and Other segment’s revenue includes cost reimbursement revenue from Ashford Trust’s capital contributions to Ashford Securities under the Third Amended and Restated Contribution Agreement between the Company, Ashford Trust and Braemar. Capital contributions are divided between the Company, Ashford Trust and Braemar based upon the actual amount of capital raised through Ashford Securities for each company which may result in increases or decreases to cost reimbursement revenue in any given reporting period. See discussion regarding Ashford Securities below. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 REVENUES BY TYPE Advisory services fees: Base advisory fees $ 3,393 $ 3,269 $ 10,700 $ 9,435 Incentive advisory fees (1) 67 — 201 — Other advisory revenue (2) 131 131 389 389 Total advisory services fees revenue 3,591 3,400 11,290 9,824 Hotel management fees: Base management fees 670 715 1,883 2,210 Incentive management fees — 123 — 587 Total hotel management fees revenue (3) 670 838 1,883 2,797 Design and construction fees revenue (4) 1,690 2,387 5,973 5,352 Other revenue: Watersports, ferry and excursion services (6) 559 574 1,866 1,848 Debt placement and related fees (7) 1,337 — 1,448 190 Cash management fees (8) 15 — 107 — Claims management services (9) 2 — 2 1 Other services (10) 49 56 210 128 Total other revenue 1,962 630 3,633 2,167 Cost reimbursement revenue 12,747 19,404 39,409 42,523 Total revenues $ 20,660 $ 26,659 $ 62,188 $ 62,663 REVENUES BY SEGMENT (11) Advisory $ 7,042 $ 7,830 $ 23,517 $ 21,285 Remington 7,480 6,964 20,465 21,157 Premier 3,222 3,080 9,397 7,231 INSPIRE 26 19 75 60 RED 570 577 1,898 1,855 OpenKey 8 9 28 28 Corporate and other (12) 2,312 8,180 6,808 11,047 Total revenues $ 20,660 $ 26,659 $ 62,188 $ 62,663 COST OF REVENUES (5) Cost of revenues for audio visual $ 915 $ 1,081 $ 3,330 $ 2,837 Other 364 272 1,415 717 SUPPLEMENTAL REVENUE INFORMATION Audio visual revenues from guests at REIT properties (5) $ 2,276 $ 2,549 $ 8,291 $ 6,858 Watersports, ferry and excursion services revenue from guests at REIT properties (5) 684 458 2,198 1,669 ________ (1) The incentive advisory fees for the three months and nine months ended September 30, 2023 includes the pro rata portion of the second year installment of the 2022 incentive advisory fee which will be paid in January 2024. Incentive fee payments are subject to meeting the December 31st FCCR Condition each year, as defined in our advisory agreements. The annual total stockholder return did not meet the relevant incentive fee thresholds during the 2021 measurement period. (2) In connection with our Fourth Amended and Restated Braemar Advisory Agreement, a $5.0 million cash payment was made by Braemar upon approval by Braemar’s stockholders, which is recognized over the 10-year initial term. (3) Hotel management fees revenue is reported within our Remington segment. Base management fees and incentive management fees are recognized when services have been rendered. Remington receives base management fees of 3% of gross hotel revenue for managing the hotel employees and daily operations of the hotels, subject to a specified floor (which is subject to increase annually based on increases in the consumer price index). Remington receives an incentive management fee equal to the lessor of 1% of each hotel’s annual gross revenues or the amount by which the respective hotel’s gross operating profit exceeds the hotel’s budgeted gross operating profit. See note 3 for discussion of the hotel management fees revenue recognition policy. (4) Design and construction fees revenue primarily consists of revenue generated within our Premier segment by providing design, development, architectural and project management services for which Premier receives fees. See note 3 for discussion of the design and construction fees revenue recognition policy. (5) INSPIRE and RED primarily contract directly with third-party customers to whom they provide services. INSPIRE and RED recognize the gross revenue collected from their customers by the hosting hotel or venue. Commissions retained by the hotel or venue, including Braemar, for INSPIRE and RED are recognized in “cost of revenues for audio visual” and “other” operating expense, respectively, in our condensed consolidated statements of operations. See note 3 for discussion of the revenue recognition policy. (6) Watersports, ferry and excursion services revenue includes revenue that is earned by RED for providing services directly to Braemar rather than contracting with third-party customers. (7) Debt placement and related fees are earned by Lismore for providing debt placement, modification and refinancing services. (8) Cash management fees include revenue earned by providing active management and investment of Braemar’s excess cash in short-term U.S. Treasury securities. (9) Claims management services include revenue earned from providing insurance claim assessment and administration services. (10) Other services revenue is primarily associated with other hotel products and services, such as mobile key applications and hypoallergenic premium rooms, provided to Braemar by our consolidated subsidiaries, OpenKey and Pure Wellness. (11) See note 17 for discussion of segment reporting. (12) The Corporate and Other segment’s revenue includes cost reimbursement revenue from Braemar’s capital contributions to Ashford Securities under the Third Amended and Restated Contribution Agreement between the Company, Ashford Trust and Braemar. Capital contributions are divided between the Company, Ashford Trust and Braemar based upon the actual amount of capital raised through Ashford Securities for each company which may result in increases or decreases to cost reimbursement revenue in any given reporting period. See discussion regarding Ashford Securities below.
Asset Acquisition	The following table summarizes the assets and liabilities acquired by the Company on the asset acquisition date (in thousands): January 3, 2023 Restricted cash $ 849 Property and equipment, net 2,183 Operating lease right-of-use assets 15,017 Total assets acquired 18,049 Operating lease liabilities 17,200 Other liabilities 849 Total assumed liabilities 18,049 Net assets acquired $ —

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share	The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income (loss) attributable to common stockholders – basic and diluted: Net income (loss) attributable to the Company $ (2,991) $ (989) $ (100) $ 5,441 Less: Dividends on preferred stock, declared and undeclared (1) (9,054) (9,029) (27,132) (27,422) Undistributed net income (loss) allocated to common stockholders (12,045) (10,018) (27,232) (21,981) Distributed and undistributed net income (loss) - basic $ (12,045) $ (10,018) $ (27,232) $ (21,981) Effect of deferred compensation plan — — (1,509) (620) Distributed and undistributed net income (loss) - diluted $ (12,045) $ (10,018) $ (28,741) $ (22,601) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 3,116 2,960 3,065 2,895 Effect of deferred compensation plan shares — — 65 65 Weighted average common shares outstanding – diluted 3,116 2,960 3,130 2,960 Income (loss) per share – basic: Net income (loss) allocated to common stockholders per share $ (3.87) $ (3.38) $ (8.88) $ (7.59) Income (loss) per share – diluted: Net income (loss) allocated to common stockholders per share $ (3.87) $ (3.38) $ (9.18) $ (7.64) ________ (1) Undeclared dividends were deducted to arrive at net income (loss) attributable to common stockholders. See note 12.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income (loss) allocated to common stockholders is not adjusted for: Net income (loss) attributable to redeemable noncontrolling interests in Ashford Holdings $ 111 $ 158 $ 399 $ 290 Net income (loss) attributable to subsidiary convertible interests 46 — 542 — Dividends on preferred stock, declared and undeclared 9,054 9,029 27,132 27,422 Total $ 9,211 $ 9,187 $ 28,073 $ 27,712 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 13 82 18 87 Effect of assumed conversion of Ashford Holdings units 97 89 96 56 Effect of conversion of subsidiary interests 463 125 336 116 Effect of assumed conversion of preferred stock 4,234 4,258 4,230 4,289 Total 4,807 4,554 4,680 4,548

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Certain information concerning our segments for the three and nine months ended September 30, 2023 and 2022 are presented in the following tables (in thousands). Consolidated subsidiaries are reflected as of their respective acquisition dates or as of the date we were determined to be the primary beneficiary of variable interest entities. Three Months Ended September 30, 2023 Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services $ 11,712 $ — $ — $ — $ — $ — $ — $ 11,712 Hotel management — 12,391 — — — — — 12,391 Design and construction fees — — 7,430 — — — — 7,430 Audio visual — — — 30,641 — — — 30,641 Other 40 — — — 8,375 373 2,387 11,175 Cost reimbursement revenue (1) 7,386 94,421 3,175 53 23 — 2,808 107,866 Total revenues 19,138 106,812 10,605 30,694 8,398 373 5,195 181,215 EXPENSES Depreciation and amortization 368 3,006 2,882 490 308 3 27 7,084 Other operating expenses (2) — 7,936 4,700 31,615 8,130 1,163 12,114 65,658 Reimbursed expenses (1) 7,389 94,421 3,175 53 23 — 2,808 107,869 Total operating expenses 7,757 105,363 10,757 32,158 8,461 1,166 14,949 180,611 OPERATING INCOME (LOSS) 11,381 1,449 (152) (1,464) (63) (793) (9,754) 604 Equity in earnings (loss) of unconsolidated entities — — — — — — (327) (327) Interest expense — — — (438) (445) (7) (2,760) (3,650) Amortization of loan costs — — — (42) (10) — (217) (269) Interest income — 44 — — — — 478 522 Realized gain (loss) on investments — (80) — — — — — (80) Other income (expense) — 13 — (85) — (3) — (75) INCOME (LOSS) BEFORE INCOME TAXES 11,381 1,426 (152) (2,029) (518) (803) (12,580) (3,275) Income tax (expense) benefit (2,780) (314) 8 907 263 — 2,121 205 NET INCOME (LOSS) $ 8,601 $ 1,112 $ (144) $ (1,122) $ (255) $ (803) $ (10,459) $ (3,070) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $2.8 million of hotel management fees revenue, cost reimbursement revenue and reimbursed expenses were eliminated in consolidation primarily for overhead expenses reimbursed to Remington including rent, payroll, office supplies, travel and accounting. (2) Other operating expenses includes salaries and benefits, costs of revenues for design and construction, cost of revenues for audio visual, general and administrative expenses and other expenses. Nine Months Ended September 30, 2023 Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services fees $ 36,129 $ — $ — $ — $ — $ — $ — $ 36,129 Hotel management fees — 39,456 — — — — — 39,456 Design and construction fees — — 21,964 — — — — 21,964 Audio visual — — — 112,347 — — — 112,347 Other 220 3 — — 25,797 1,184 4,853 32,057 Cost reimbursement revenue (1) 23,967 274,995 8,816 159 69 — 9,088 317,094 Total revenues 60,316 314,454 30,780 112,506 25,866 1,184 13,941 559,047 EXPENSES Depreciation and amortization 1,253 8,836 8,648 1,420 775 9 133 21,074 Other operating expenses (2) 1,032 24,324 14,227 104,425 23,412 3,891 37,870 209,181 Reimbursed expenses (1) 23,896 274,995 8,816 159 69 — 9,088 317,023 Total operating expenses 26,181 308,155 31,691 106,004 24,256 3,900 47,091 547,278 OPERATING INCOME (LOSS) 34,135 6,299 (911) 6,502 1,610 (2,716) (33,150) 11,769 Equity in earnings (loss) of unconsolidated entities — — — — — — (1,174) (1,174) Interest expense — — — (1,109) (1,138) (12) (7,650) (9,909) Amortization of loan costs — — — (121) (30) — (624) (775) Interest income — 99 — — — — 1,140 1,239 Realized gain (loss) on investments — (160) — — — — — (160) Other income (expense) — 84 — (155) 422 (64) (28) 259 INCOME (LOSS) BEFORE INCOME TAXES 34,135 6,322 (911) 5,117 864 (2,792) (41,486) 1,249 Income tax (expense) benefit (8,244) (1,531) 182 (3,000) (16) — 10,967 (1,642) NET INCOME (LOSS) $ 25,891 $ 4,791 $ (729) $ 2,117 $ 848 $ (2,792) $ (30,519) $ (393) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $8.8 million of hotel management fees revenue, cost reimbursement revenue and reimbursed expenses were eliminated in consolidation primarily for overhead expenses reimbursed to Remington including rent, payroll, office supplies, travel and accounting. (2) Other operating expenses includes salaries and benefits, costs of revenues for design and construction, cost of revenues for audio visual, general and administrative expenses and other expenses. Three Months Ended September 30, 2022 Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services fees $ 12,255 $ — $ — $ — $ — $ — $ — $ 12,255 Hotel management fees — 12,876 — — — — — 12,876 Design and construction fees — — 6,276 — — — — 6,276 Audio visual — — — 26,159 — — — 26,159 Other — — — — 6,608 389 3,394 10,391 Cost reimbursement revenue (1) 7,798 80,880 3,306 38 8 — 4,621 96,651 Total revenues 20,053 93,756 9,582 26,197 6,616 389 8,015 164,608 EXPENSES Depreciation and amortization 853 3,288 2,978 418 175 3 381 8,096 Other operating expenses (2) — 6,971 3,071 25,571 5,895 1,362 14,271 57,141 Reimbursed expenses (1) 7,723 80,880 3,306 38 8 — 4,621 96,576 Total operating expenses 8,576 91,139 9,355 26,027 6,078 1,365 19,273 161,813 OPERATING INCOME (LOSS) 11,477 2,617 227 170 538 (976) (11,258) 2,795 Equity in earnings (loss) of unconsolidated entities — — — — — — (147) (147) Interest expense — — — (345) (195) — (2,426) (2,966) Amortization of loan costs — — — (23) (10) — (186) (219) Interest income — 38 — — — — 38 76 Realized gain (loss) on investments — (3) — — — — — (3) Other income (expense) — 18 — (91) (1) — 52 (22) INCOME (LOSS) BEFORE INCOME TAXES 11,477 2,670 227 (289) 332 (976) (13,927) (486) Income tax (expense) benefit (2,849) (256) (112) 53 192 — 2,355 (617) NET INCOME (LOSS) $ 8,628 $ 2,414 $ 115 $ (236) $ 524 $ (976) $ (11,572) $ (1,103) ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $3.5 million of hotel management fees revenue, cost reimbursement revenue and reimbursed expenses were eliminated in consolidation primarily for overhead expenses reimbursed to Remington including rent, payroll, office supplies, travel and accounting. (2) Other operating expenses includes salaries and benefits, costs of revenues for design and construction, cost of revenues for audio visual, general and administrative expenses and other expenses Nine Months Ended September 30, 2022 Advisory Remington Premier INSPIRE RED OpenKey Corporate and Other Ashford Inc. Consolidated REVENUE Advisory services fees $ 36,026 $ — $ — $ — $ — $ — $ — $ 36,026 Hotel management fees — 33,474 — — — — — 33,474 Design and construction fees — — 15,538 — — — — 15,538 Audio visual — — — 87,101 — — — 87,101 Other 16 181 — — 20,337 1,180 12,188 33,902 Cost reimbursement revenue (1) 22,626 221,407 7,355 134 17 4 8,436 259,979 Total revenues 58,668 255,062 22,893 87,235 20,354 1,184 20,624 466,020 EXPENSES Depreciation and amortization 2,558 9,107 8,914 1,358 501 9 1,293 23,740 Other operating expenses (2) 706 17,216 9,787 76,377 16,633 4,024 39,792 164,535 Reimbursed expenses (1) 22,312 221,407 7,355 134 17 4 8,436 259,665 Total operating expenses 25,576 247,730 26,056 77,869 17,151 4,037 49,521 447,940 OPERATING INCOME (LOSS) 33,092 7,332 (3,163) 9,366 3,203 (2,853) (28,897) 18,080 Equity in earnings (loss) of unconsolidated entities — — — — — — 110 110 Interest expense — — — (860) (537) — (5,384) (6,781) Amortization of loan costs — — — (93) (41) — (390) (524) Interest income — 145 — — — — 50 195 Realized gain (loss) on investments — (74) — — — — — (74) Other income (expense) — 18 — (95) (41) 4 (20) (134) INCOME (LOSS) BEFORE INCOME TAXES 33,092 7,421 (3,163) 8,318 2,584 (2,849) (34,531) 10,872 Income tax (expense) benefit (8,196) (251) (678) (3,318) (680) — 7,152 (5,971) NET INCOME (LOSS) $ 24,896 $ 7,170 $ (3,841) $ 5,000 $ 1,904 $ (2,849) $ (27,379) $ 4,901 ________ (1) Our segments are reported net of eliminations upon consolidation. Approximately $9.6 million of hotel management fees revenue, cost reimbursement revenue and reimbursed expenses were eliminated in consolidation primarily for overhead expenses reimbursed to Remington including rent, payroll, office supplies, travel and accounting. (2) Other operating expenses includes salaries and benefits, costs of revenues for design and construction, cost of revenues for audio visual, general and administrative expenses and other expenses.

Organization and Description _2

Organization and Description of Business - Other Developments (Details) $ / shares in Units, $ in Thousands	Aug. 21, 2023 USD ($)	Mar. 17, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares	Aug. 08, 2023 $ / shares shares	May 15, 2023 numberOfPurchaseRights $ / shares	May 14, 2023	Mar. 24, 2023 USD ($)	Mar. 23, 2023 USD ($)	Feb. 01, 2023 USD ($)	Dec. 31, 2022 USD ($) $ / shares
Business Acquisition [Line Items]
Equity or debt offerings threshold									$ 400,000
Contingent consideration			$ 3,750							$ 2,320
Beneficial ownership threshold (as a percent)					0.07	0.10
Voting cap percentage				40%
Series D Convertible Preferred Stock
Business Acquisition [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.001							$ 0.001
TSGF L.P.
Business Acquisition [Line Items]
Asset acquisition, cash and cash equivalents	$ 2,500
Asset acquisition, percentage of shares acquired (as a percent)	0.51
Asset acquisition, total assets	$ 5,000
Asset acquisition, investment acquired	4,500
Asset acquisition, cash and cash equivalents	$ 274
Ashford Inc | Bennetts
Business Acquisition [Line Items]
Percentage of investment owned (as a percent)				0.646
Ashford Inc | Bennetts | Common Stock
Business Acquisition [Line Items]
Investment owned, shares (in shares) | shares				610,261
Convertible preferred stock, shares (in shares) | shares				4,152,301
Ashford Inc | Bennetts | Series D Convertible Preferred Stock
Business Acquisition [Line Items]
Investment owned, shares (in shares) | shares				18,758,600
Preferred stock, conversion price (in dollars per share) | $ / shares				$ 117.50
Series D Convertible Preferred Stock
Business Acquisition [Line Items]
Preferred share purchase right | numberOfPurchaseRights					1
Series F Preferred Stock
Business Acquisition [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.001
Share of preferred stock (in dollars per share) | $ / shares					$ 0.275
Equipment Note
Business Acquisition [Line Items]
Face amount of debt							$ 4,000
INSPIRE | Revolving Credit Facility | Line of Credit
Business Acquisition [Line Items]
Maximum borrowing capacity							6,000	$ 3,000
Term Loan Due March 2028 | Notes Payable to Banks
Business Acquisition [Line Items]
Face amount of debt							$ 20,000
Alii Nui Maui
Business Acquisition [Line Items]
Consideration transferred, excluding working capital adjustments		$ 11,000
Payments to acquire business and cash held back		8,000
Contingent consideration		$ 1,000	$ 1,300
Equity interest issued (in shares) | shares		80,000
Liquidation value (in dollars per share) | $ / shares		$ 25
Equity interest issued, value		$ 2,000

Significant Accounting Polici_4

Significant Accounting Policies - Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Carrying value of redeemable noncontrolling interests	$ 1,764		$ 1,764		$ 1,614
Redemption value adjustment	1	$ (15)	(3)	$ (16)
Carrying value of noncontrolling interests	2,048		2,048		167
Total notes payable	127,499		127,499		99,102
Revolving credit facility	$ 119,241		$ 119,241		$ 89,680
Ashford Holdings
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest	99.49%		99.49%		99.87%
Redeemable noncontrolling interests	0.51%		0.51%		0.13%
Noncontrolling interests in consolidated entities	0%		0%		0%
Noncontrolling ownership	100%		100%		100%
Carrying value of redeemable noncontrolling interests					$ 1,614
Redemption value adjustment			$ 3		32
Redemption value adjustment, cumulative			$ 614		$ 613
OpenKey
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest	76.78%		76.78%		76.79%
Redeemable noncontrolling interests	0%		0%		0%
Noncontrolling interests in consolidated entities	23.22%		23.22%		23.21%
Noncontrolling ownership	100%		100%		100%
Carrying value of noncontrolling interests	$ (375)		$ (375)		$ 273
Assets, available only to settle subsidiary's obligations	1,819		1,819		2,114
Liabilities	849		849		1,078
OpenKey | Notes Payable to Banks
Noncontrolling Interest [Line Items]
Total notes payable	237		237
OpenKey | Revolving credit facility
Noncontrolling Interest [Line Items]
Revolving credit facility	$ 0		$ 0		$ 0
Pure Wellness
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest	70%		70%		70%
Redeemable noncontrolling interests	0%		0%		0%
Noncontrolling interests in consolidated entities	30%		30%		30%
Noncontrolling ownership	100%		100%		100%
Carrying value of noncontrolling interests	$ (138)		$ (138)		$ (106)
Assets, available only to settle subsidiary's obligations	1,257		1,257		1,580
Liabilities	1,854		1,854		2,048
Pure Wellness | Notes Payable to Banks
Noncontrolling Interest [Line Items]
Total notes payable	0		0
Pure Wellness | Revolving credit facility
Noncontrolling Interest [Line Items]
Revolving credit facility	$ 150		$ 150		$ 150
TSGF L.P.
Noncontrolling Interest [Line Items]
Ashford Inc. ownership interest	49%		49%
Redeemable noncontrolling interests	0%		0%
Noncontrolling interests in consolidated entities	51%		51%
Noncontrolling ownership	100%		100%
Carrying value of noncontrolling interests	$ 2,561		$ 2,561
Assets, available only to settle subsidiary's obligations	5,047		5,047
Liabilities	$ 19		$ 19

Significant Accounting Polici_5

Significant Accounting Policies - Narrative (for 10Q) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 17, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Investments	$ 7,542,000		$ 7,542,000			$ 4,217,000
Equity in earnings (loss) of unconsolidated entities	0	$ 0	0	$ 0
Impairment	0	$ 0	0	$ 0
Other current liabilities	28,800,000		28,800,000			23,500,000
Contingent consideration	3,750,000		3,750,000			2,320,000
Remington
Noncontrolling Interest [Line Items]
Other current liabilities	2,500,000		2,500,000			2,200,000
Chesapeake
Noncontrolling Interest [Line Items]
Contingent consideration liability, noncurrent	2,800,000		2,800,000			2,300,000
Unrecognized tax benefits	966,000		966,000			917,000
Alii Nui Maui
Noncontrolling Interest [Line Items]
Contingent consideration	1,300,000		1,300,000		$ 1,000,000
Furniture, Fixtures and Equipment
Noncontrolling Interest [Line Items]
Property and equipment, net	3,200,000		3,200,000			5,900,000
Audio visual
Noncontrolling Interest [Line Items]
Property and equipment, net	14,300,000		14,300,000			8,800,000
Marine vessels
Noncontrolling Interest [Line Items]
Property and equipment, net	19,000,000		19,000,000			$ 14,200,000
REA Holdings
Noncontrolling Interest [Line Items]
Option to acquire additional ownership interest (as a percent)						50%
Ownership interests, value						$ 12,500,000
Unconsolidated variable interest entity
Noncontrolling Interest [Line Items]
Investments	$ 500,000		$ 500,000			$ 500,000

Significant Accounting Polici_6

Significant Accounting Policies - Ownership Interest in REA Holdings (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity in earnings (loss) of unconsolidated entities	$ (327)	$ (147)	$ (1,174)	$ 110
REA Holdings
Schedule of Equity Method Investments [Line Items]
Carrying value of the investment in REA Holdings	$ 1,892		$ 1,892		$ 3,067
Ownership interest in REA Holdings	30%		30%		30%
Equity in earnings (loss) of unconsolidated entities	$ (327)	$ (147)	$ (1,174)	$ 110

Significant Accounting Polici_7

Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 36,215	$ 37,058	$ 37,114	$ 34,878
Remington
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	6,957	13,587
Insurance claim reserves | Advisory
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	29,258	23,471
Managed hotel properties' reserves | Remington
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	4,085	11,464
Insurance claim reserves | Remington
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 2,872	$ 2,123

Significant Accounting Polici_8

Significant Accounting Policies - Notes Receivables (Details) - USD ($) $ in Thousands	6 Months Ended	9 Months Ended
	Jun. 30, 2023	Sep. 30, 2023	Apr. 03, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other assets, net		$ 2,454		$ 2,041
Affiliated Entity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other assets, net		2,430		2,041
Remington | Affiliated Entity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other assets, net		525		1,506
Agreement terms, percent	10%
Ashford Holdings | Affiliated Entity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other assets, net		1,075		535
Agreement terms, percent	8%
REA Holdings | Affiliated Entity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other assets, net		$ 830		$ 0
Agreement terms, percent		7.50%
Payment period for principal			24 months

Revenues - Narrative (Details)

Revenues - Narrative (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Jun. 30, 2017 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disaggregation of Revenue [Line Items]
Incentive advisory installments, term (in years)		3 years
Period of unsatisfied performance obligations (in years)		1 year
Receivables related to revenues from contracts with customers		$ 23,700	$ 17,600	$ 7,600
Ashford Trust
Disaggregation of Revenue [Line Items]
Monthly base fee (as a percent)		0.0583
Ashford Trust | Related Party
Disaggregation of Revenue [Line Items]
Due from related parties		$ 7,625	0	2,600
Braemar
Disaggregation of Revenue [Line Items]
Monthly base fee (as a percent)		0.0583
Investment in unconsolidated entities	$ 5,000
Initial contract period (in years)		10 years
Braemar | Related Party
Disaggregation of Revenue [Line Items]
Due from related parties		$ 0	$ 11,828	$ 1,100
Remington
Disaggregation of Revenue [Line Items]
Base management fees, percentage of hotel revenues		3%
Incentive management fee, percentage of hotel revenues		1%

Revenues - Deferred Income Acti

Revenues - Deferred Income Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Deferred Revenue and Contract Balances
Beginning balance	$ 9,019	$ 8,680	$ 7,800	$ 10,905
Increases to deferred income	2,687	2,458	9,512	8,247
Recognition of revenue	(3,062)	(3,175)	(8,668)	(11,189)
Ending balance	8,644	7,963	8,644	7,963
Revenue recognized	4,000		5,000
Advisory services fees
Deferred Revenue and Contract Balances
Recognition of revenue	(809)	(371)	(629)	(1,200)
Audio visual
Deferred Revenue and Contract Balances
Recognition of revenue	(34)	(535)	(1,500)	(2,200)
Other services
Deferred Revenue and Contract Balances
Recognition of revenue	$ (2,200)	$ (1,600)	$ (6,500)	(4,800)
Other revenue
Deferred Revenue and Contract Balances
Recognition of revenue				$ (2,300)

Revenues - Disaggregated Revenu

Revenues - Disaggregated Revenue (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 Reportable_segment	Sep. 30, 2023 segment	Sep. 30, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Total revenues	$ 181,215	$ 164,608	$ 559,047			$ 466,020
Number of reportable segments				6	6
INSPIRE
Disaggregation of Revenue [Line Items]
Total revenues			112,506			87,235
Total advisory services revenue
Disaggregation of Revenue [Line Items]
Total revenues	11,712	12,255	36,129			36,026
Base advisory fees
Disaggregation of Revenue [Line Items]
Total revenues	11,514	12,124	35,539			35,637
Incentive advisory fees
Disaggregation of Revenue [Line Items]
Total revenues	67	0	201			0
Other advisory revenue
Disaggregation of Revenue [Line Items]
Total revenues	131	131	389			389
Hotel management fees
Disaggregation of Revenue [Line Items]
Total revenues	12,391	12,876	39,456			33,474
Base fees
Disaggregation of Revenue [Line Items]
Total revenues	9,159	9,285	28,557			24,943
Incentive fees
Disaggregation of Revenue [Line Items]
Total revenues	925	2,242	3,966			6,113
Other management fees
Disaggregation of Revenue [Line Items]
Total revenues	2,307	1,349	6,933			2,418
Design and construction fees
Disaggregation of Revenue [Line Items]
Total revenues	7,430	6,276	21,964			15,538
Audio visual
Disaggregation of Revenue [Line Items]
Total revenues	30,641	26,159	112,347			87,101
Audio visual | INSPIRE
Disaggregation of Revenue [Line Items]
Total revenues	30,694	26,197
Total other revenue
Disaggregation of Revenue [Line Items]
Total revenues	11,175	10,391	32,057			33,902
Watersports, ferry and excursion services
Disaggregation of Revenue [Line Items]
Total revenues	8,375	6,608	25,797			20,337
Watersports, ferry and excursion services | RED
Disaggregation of Revenue [Line Items]
Total revenues	8,398	6,616	25,866			20,354
Debt placement and related fees
Disaggregation of Revenue [Line Items]
Total revenues	1,714	125	3,125			3,298
Cash management fees
Disaggregation of Revenue [Line Items]
Total revenues	34	0	213			0
Claims management services
Disaggregation of Revenue [Line Items]
Total revenues	5	0	6			16
Other services
Disaggregation of Revenue [Line Items]
Total revenues	1,047	3,658	2,916			10,251
Cost reimbursement revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 107,866	$ 96,651	$ 317,094			$ 259,979

Revenues - Revenue by Geographi

Revenues - Revenue by Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 181,215	$ 164,608	$ 559,047	$ 466,020
Audio visual
Disaggregation of Revenue [Line Items]
Total revenues	30,641	26,159	112,347	87,101
Watersports, ferry and excursion services
Disaggregation of Revenue [Line Items]
Total revenues	8,375	6,608	25,797	20,337
INSPIRE
Disaggregation of Revenue [Line Items]
Total revenues			112,506	87,235
INSPIRE | Audio visual
Disaggregation of Revenue [Line Items]
Total revenues	30,694	26,197
INSPIRE | United States | Audio visual
Disaggregation of Revenue [Line Items]
Total revenues	25,464	21,986	81,803	68,114
INSPIRE | Mexico | Audio visual
Disaggregation of Revenue [Line Items]
Total revenues	3,465	2,345	23,530	14,118
INSPIRE | Dominican Republic | Audio visual
Disaggregation of Revenue [Line Items]
Total revenues	1,765	1,866	7,173	5,003
RED | Watersports, ferry and excursion services
Disaggregation of Revenue [Line Items]
Total revenues	8,398	6,616	25,866	20,354
RED | United States | Watersports, ferry and excursion services
Disaggregation of Revenue [Line Items]
Total revenues	2,668	2,968	8,138	8,801
RED | HAWAII | Watersports, ferry and excursion services
Disaggregation of Revenue [Line Items]
Total revenues	1,460	0	3,729	0
RED | U.S. Virgin Islands | Watersports, ferry and excursion services
Disaggregation of Revenue [Line Items]
Total revenues	3,102	2,613	10,026	8,634
RED | United Kingdom (Turks and Caicos Islands) | Watersports, ferry and excursion services
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,168	$ 1,035	$ 3,973	$ 2,919

Business Combination - Narrativ

Business Combination - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended	9 Months Ended
	Mar. 17, 2023	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Contingent consideration		$ 3,750	$ 3,750	$ 2,320
Notes payable, net		119,241	119,241	$ 89,680
Goodwill, acquisition adjustments			1,652
Alii Nui Maui
Business Acquisition [Line Items]
Consideration transferred, excluding working capital adjustments	$ 11,000
Payments to acquire business and cash held back	8,000
Contingent consideration	$ 1,000	1,300	1,300
Equity interest issued (in shares)	80
Liquidation value (in dollars per share)	$ 25
Equity interest issued, value	$ 2,000
Interest rate	6.50%
Cash held back	$ 300
Maximum term for cash consideration to be paid (in months)	18 months
Notes payable, net	$ 2,000
Term for conversion (in years)	3 years
Adjustment, deferred income taxes		1,600
Goodwill, acquisition adjustments		1,600
Acquisition revenues		1,500	3,700
Net income (loss) from acquisition		$ (171)	(79)
Non-recurring transaction costs			$ 375
Alii Nui Maui | Contingent consideration to be paid upon meeting certain criteria
Business Acquisition [Line Items]
Contingent consideration	$ 500
Alii Nui Maui | Contingent consideration to be paid on the holdback date
Business Acquisition [Line Items]
Contingent consideration	$ 500

Business Combination - Purchase

Business Combination - Purchase Price and Final Allocation (Details) - USD ($) $ in Thousands	Mar. 17, 2023	Sep. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Contingent consideration		$ 3,750	$ 2,320
Alii Nui Maui
Business Acquisition [Line Items]
Cash	$ 7,700
Cash held back	300
Contingent consideration	1,000	$ 1,300
Series Units	2,000
Adjustment of working capital paid to the sellers	304
Total fair value of purchase price	$ 11,304

Business Combination - Acquisit

Business Combination - Acquisition Schedules (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Mar. 17, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Nov. 06, 2019
Fair Value
Goodwill		$ 61,013		$ 61,013		$ 58,675
Pro Forma Financial Results
Total revenues		181,215	$ 166,685	560,887	$ 472,270
Net income (loss)		(3,070)	(2,070)	85	4,869
Net income (loss) attributable to common stockholders		$ (12,045)	$ (10,985)	$ (26,754)	$ (22,013)
Alii Nui Maui
Fair Value
Current assets including cash of $996	$ 1,286
Property and equipment, net	2,254
Goodwill	2,338
Trademarks	1,600
Total assets acquired	13,728
Current liabilities	857
Total assumed liabilities	2,424
Net assets acquired	11,304
Cash and equivalents	$ 996
Estimated Useful Life
Estimated Useful Life	20 years
Alii Nui Maui | Boat slip rights
Fair Value
Boat slip rights	$ 6,250
Estimated Useful Life
Estimated Useful Life	20 years
Remington
Fair Value
Deferred tax liability							$ 1,567

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, net - Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 58,675
Additions	686
Goodwill, acquisition adjustments	1,652
Ending balance	61,013
Remington
Goodwill [Roll Forward]
Beginning balance	56,658
Additions	0
Goodwill, acquisition adjustments	0
Ending balance	56,658
RED
Goodwill [Roll Forward]
Beginning balance	1,235
Additions	686
Goodwill, acquisition adjustments	1,652
Ending balance	3,573
Corporate and Other
Goodwill [Roll Forward]
Beginning balance	782
Additions	0
Goodwill, acquisition adjustments	0
Ending balance	$ 782

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 6.1	$ 6.5	$ 18.2	$ 18.8
Customer Relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	7 years		7 years
Customer Relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	15 years		15 years
Remington | Management Contracts | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	8 years		8 years
Remington | Management Contracts | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	22 years		22 years
Premier | Management Contracts
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	30 years		30 years
RED | Boat slip rights
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	20 years		20 years

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, net - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 17, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 327,400		$ 321,150
Accumulated Amortization	(118,206)		(99,996)
Net Carrying Amount	209,194		221,154
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Gross Carrying Amount	6,990		5,390
Remington | Trademarks
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Gross Carrying Amount	4,900		4,900
RED | Trademarks
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Gross Carrying Amount	2,090		490
Management Contracts | Remington
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	114,731		114,731
Accumulated Amortization	(49,046)		(40,519)
Net Carrying Amount	65,685		74,212
Management Contracts | Premier
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	194,000		194,000
Accumulated Amortization	(61,959)		(53,415)
Net Carrying Amount	132,041		140,585
Customer Relationships | INSPIRE
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	9,319		9,319
Accumulated Amortization	(6,366)		(5,527)
Net Carrying Amount	2,953		3,792
Boat slip rights | RED
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	9,350		3,100
Accumulated Amortization	(835)		(535)
Net Carrying Amount	8,515		$ 2,565
Alii Nui Maui
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Trademarks		$ 1,600
Alii Nui Maui | RED | Trademarks
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Trademarks	1,600
Alii Nui Maui | Boat slip rights
Finite-Lived Intangible Assets [Line Items]
Boat slip rights		$ 6,250
Alii Nui Maui | Boat slip rights | RED
Finite-Lived Intangible Assets [Line Items]
Boat slip rights	$ 6,300

Notes Payable, net - Schedule o

Notes Payable, net - Schedule of Debt (Details) $ / shares in Units, shares in Thousands

9 Months Ended

May 19, 2023 vessel

Mar. 24, 2023 USD ($)

Mar. 17, 2023 USD ($) loans $ / shares shares

Apr. 01, 2022 USD ($) extension borrowing

Mar. 17, 2022 USD ($) debt_instrument

Mar. 09, 2021 USD ($)

Jul. 18, 2019 USD ($)

Sep. 30, 2023 USD ($)

Sep. 30, 2022 USD ($)

Aug. 04, 2023 USD ($)

Mar. 23, 2023 USD ($)

Feb. 02, 2023 USD ($)

Dec. 31, 2022 USD ($)

Sep. 15, 2022 USD ($)

Jul. 23, 2021 USD ($)

Debt Instrument [Line Items]

Total notes payable

$ 127,499,000

$ 99,102,000

Capitalized default interest, net

0

148,000

Deferred loan costs, net

(2,643,000)

(2,643,000)

Original issue discount, net

(1,470,000)

(1,732,000)

Notes payable including capitalized default interest and deferred loan costs, net

123,386,000

94,875,000

Less current portion

(4,145,000)

(5,195,000)

Total notes payable, net - non-current

119,241,000

89,680,000

Acquisition of non-controlling interest in consolidated subsidiaries

2,226,000

$ 0

Alii Nui Maui

Debt Instrument [Line Items]

Interest rate

6.50%

Equity interest issued (in shares) | shares

80

Liquidation value (in dollars per share) | $ / shares

$ 25

Equity interest issued, value

$ 2,000,000

OpenKey

Debt Instrument [Line Items]

Acquisition of non-controlling interest in consolidated subsidiaries

$ 1,900,000

Payment term of acquired redeemable noncontrolling interests (in years)

7 years

Annual interest rate of acquired redeemable noncontrolling interests

4%

Percentage payable premium or cash

10%

INSPIRE

Debt Instrument [Line Items]

Debt instrument, collateral amount

10,100,000

RED

Debt Instrument [Line Items]

Debt instrument, collateral amount

$ 17,700,000

$ 13,600,000

Prime Rate

Debt Instrument [Line Items]

Reference rate

8.50%

7.50%

Note Payable Due February 2028

Debt Instrument [Line Items]

Interest rate

4%

Notes Payable Related to OpenKey Funding Agreement

Debt Instrument [Line Items]

Interest rate

15%

Term Loan Due March 2028 | Bloomberg Short Term Yield Index Rate ("BSBY Rate")

Debt Instrument [Line Items]

Basis spread on variable rate

2.75%

Facility Due March 2028 | Bloomberg Short Term Yield Index Rate ("BSBY Rate")

Debt Instrument [Line Items]

Basis spread on variable rate

2.75%

Equipment Note due March 2028 | Bloomberg Short Term Yield Index Rate ("BSBY Rate")

Debt Instrument [Line Items]

Basis spread on variable rate

2.75%

Facility due On Demand | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1%

Term Loan Due July 2029

Debt Instrument [Line Items]

Interest rate

6%

Term Loan Due April 2024

Debt Instrument [Line Items]

Interest rate

6.50%

Term Loan One Due August 2029 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

2%

Term Loan Two Due August 2029 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

2%

Term Loan Due August 2029 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.75%

Term Loan One Due March 2033 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.50%

Term Loan Two Due March 2023 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.50%

Term Loan Due May 2033

Debt Instrument [Line Items]

Number of vessels | vessel

2

Term Loan Due May 2033 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1%

1%

Draw Term Loan One Due March 2032

Debt Instrument [Line Items]

Interest rate

5%

Draw Term Loan Two Due March 2032

Debt Instrument [Line Items]

Interest rate

5%

Draw Term Loan Due 2027 and 2028 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1%

Draw Term Loan Due February 2029 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.25%

RED Units

Debt Instrument [Line Items]

Interest rate

6.50%

Total notes payable

$ 2,000,000

$ 0

Line of Credit | Credit Facility Due April 2027 | Secured Debt

Debt Instrument [Line Items]

Total notes payable

$ 87,000,000

70,000,000

Reference rate

1.25%

Line of Credit | Credit Facility Due April 2027 | Base Rate | Secured Debt

Debt Instrument [Line Items]

Basis spread on variable rate

6.35%

Line of Credit | Credit Facility Due April 2027 | Adjusted Term Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Reference rate

5.35%

Line of Credit | Credit Facility Due April 2027 | Adjusted Term Secured Overnight Financing Rate (SOFR) | Secured Debt

Debt Instrument [Line Items]

Basis spread on variable rate

7.35%

Reference rate

1%

Line of Credit | Credit Facility Due April 2027 | Federal Funds Rate | Secured Debt

Debt Instrument [Line Items]

Reference rate

0.50%

Line of Credit | Credit Facility Due April 2027 | One month forward-looking SOFR

Debt Instrument [Line Items]

Basis spread on variable rate

0.03%

Line of Credit | Draw Term Loan Due 2027 and 2028

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 1,500,000

Line of Credit | INSPIRE | Revolving Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 6,000,000

$ 3,000,000

Line of Credit | Senior Secured Term Loan Facility Due 2027 | Secured Debt

Debt Instrument [Line Items]

Original issue discount, net

$ (2,000,000)

Maximum borrowing capacity

100,000,000

Proceeds from long-term lines of credit

50,000,000

Remaining borrowing capacity

$ 50,000,000

$ 13,000,000

Number of separate borrowings | borrowing

5

Additional borrowing period

24 months

Debt term (in years)

5 years

Number of extension options | extension

3

Term of extension options

1 year

Unused capacity fee percentage

1%

Line of Credit | Senior Secured Term Loan Facility Due 2027 | Base Rate | Secured Debt

Debt Instrument [Line Items]

Basis spread on variable rate

6.35%

Line of Credit | Senior Secured Term Loan Facility Due 2027 | Adjusted Term Secured Overnight Financing Rate (SOFR) | Secured Debt

Debt Instrument [Line Items]

Basis spread on variable rate

7.35%

Line of Credit | Extension Period One | Secured Debt

Debt Instrument [Line Items]

Interest rate increase

0.50%

Line of Credit | Extension Period Two | Secured Debt

Debt Instrument [Line Items]

Interest rate increase

0.75%

Line of Credit | Extension Period Three | Secured Debt

Debt Instrument [Line Items]

Interest rate increase

1%

Line of Credit | Draw Term Loans Due March 2032 | RED

Debt Instrument [Line Items]

Interest rate

5%

Floor interest rate

5%

Number of instruments entered into | debt_instrument

2

Face amount of debt

$ 1,500,000

Stated percentage rate period

3 years

Line of Credit | Draw Term Loans Due March 2032 | Prime Rate | RED

Debt Instrument [Line Items]

Basis spread on variable rate

0.50%

Notes Payable to Banks | Note Payable Due February 2028

Debt Instrument [Line Items]

Total notes payable

1,300,000

1,495,000

Notes Payable to Banks | Notes Payable Related to OpenKey Funding Agreement

Debt Instrument [Line Items]

Total notes payable

237,000

0

Remaining borrowing capacity

158,000

Face amount of debt

$ 395,000

Notes Payable to Banks | Term Loan Due March 2028

Debt Instrument [Line Items]

Total notes payable

$ 19,000,000

17,300,000

Face amount of debt

20,000,000

Notes Payable to Banks | Term Loan Due March 2028 | INSPIRE

Debt Instrument [Line Items]

Principal payment

$ 167,000

Notes Payable to Banks | Term Loan Due March 2028 | Bloomberg Short Term Yield Index Rate ("BSBY Rate")

Debt Instrument [Line Items]

Reference rate

5.39%

Notes Payable to Banks | Term Loan Due March 2028 | Bloomberg Short Term Yield Index Rate ("BSBY Rate") | INSPIRE

Debt Instrument [Line Items]

Basis spread on variable rate

2.75%

Notes Payable to Banks | Equipment Note due March 2028

Debt Instrument [Line Items]

Remaining borrowing capacity

$ 2,000,000

Notes Payable to Banks | Term Loan Due July 2029

Debt Instrument [Line Items]

Interest rate

6%

Total notes payable

$ 1,654,000

1,596,000

Proceeds from long-term lines of credit

$ 1,700,000

Interest rate term (in years)

5 years

Notes Payable to Banks | Term Loan Due July 2029 | Prime Rate

Debt Instrument [Line Items]

Basis spread on variable rate

0.50%

Floor interest rate

6%

Notes Payable to Banks | Term Loan Due April 2024

Debt Instrument [Line Items]

Total notes payable

$ 123,000

337,000

Notes Payable to Banks | Term Loan One Due August 2029

Debt Instrument [Line Items]

Total notes payable

815,000

858,000

Face amount of debt

$ 900,000

Notes Payable to Banks | Term Loan Two Due August 2029

Debt Instrument [Line Items]

Total notes payable

1,868,000

1,980,000

Notes Payable to Banks | Term Loan Due August 2029

Debt Instrument [Line Items]

Total notes payable

2,758,000

3,006,000

Notes Payable to Banks | Term Loan One Due March 2033

Debt Instrument [Line Items]

Total notes payable

$ 1,700,000

1,655,000

0

Number of term loans | loans

2

Notes Payable to Banks | Term Loan Two Due March 2023

Debt Instrument [Line Items]

Total notes payable

$ 2,400,000

2,358,000

0

Notes Payable to Banks | Term Loan Due May 2033

Debt Instrument [Line Items]

Total notes payable

632,000

0

Notes Payable to Banks | Draw Term Loan One Due March 2032

Debt Instrument [Line Items]

Total notes payable

971,000

641,000

Notes Payable to Banks | Draw Term Loan Two Due March 2032

Debt Instrument [Line Items]

Total notes payable

1,009,000

640,000

Notes Payable to Banks | Draw Term Loan Due 2027 and 2028

Debt Instrument [Line Items]

Total notes payable

1,419,000

1,099,000

Notes Payable to Banks | Draw Term Loan Due February 2029

Debt Instrument [Line Items]

Total notes payable

84,000

0

Face amount of debt

$ 900,000

Unused borrowing capacity

816,000

Revolving Credit Facility | Facility Due March 2028

Debt Instrument [Line Items]

Total notes payable

466,000

0

Remaining borrowing capacity

5,500,000

Revolving Credit Facility | Facility due On Demand

Debt Instrument [Line Items]

Total notes payable

150,000

150,000

Remaining borrowing capacity

$ 100,000

Equipment Note

Debt Instrument [Line Items]

Face amount of debt

$ 4,000,000

Percentage of principal on periodic payments

0.0167

Equipment Note | INSPIRE

Debt Instrument [Line Items]

Unused capacity fee percentage

0.25%

Equipment Note | Equipment Note due March 2028

Debt Instrument [Line Items]

Total notes payable

$ 2,000,000

$ 0

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable	$ 18,493	$ 18,841
Accrued payroll expense	20,413	30,626
Accrued vacation expense	2,286	2,418
Accrued interest	422	381
Other accrued expenses	453	3,813
Total accounts payable and accrued expenses	$ 42,067	$ 56,079

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 17, 2023	Dec. 31, 2022
Financial assets not measured at fair value:
Investments	$ 4,500		$ 0
Financial liabilities not measured at fair value:
Contingent consideration	3,750		2,320
Alii Nui Maui
Financial liabilities not measured at fair value:
Contingent consideration	1,300	$ 1,000
Alii Nui Maui | Contingent consideration to be paid upon meeting certain criteria
Financial liabilities not measured at fair value:
Contingent consideration		$ 500
Fair Value, Measurements, Recurring
Financial assets not measured at fair value:
Investments	4,500
Restricted Investment			303
Total	4,588
Financial liabilities not measured at fair value:
Contingent consideration	(3,750)		(2,320)
Subsidiary compensation plan			(74)
Deferred compensation plan	(1,370)		(2,849)
Total	(5,120)		(5,243)
Net	(532)		(4,940)
Fair Value, Measurements, Recurring | Ashford Trust
Financial assets not measured at fair value:
Restricted Investment	24		57
Fair Value, Measurements, Recurring | Braemar
Financial assets not measured at fair value:
Restricted Investment	64		246
Fair Value, Measurements, Recurring | Quoted Market Prices (Level 1)
Financial assets not measured at fair value:
Investments	0
Restricted Investment			303
Total	88
Financial liabilities not measured at fair value:
Contingent consideration	(1,000)		0
Subsidiary compensation plan			0
Deferred compensation plan	(1,370)		(2,849)
Total	(2,370)		(2,849)
Net	(2,282)		(2,546)
Fair Value, Measurements, Recurring | Quoted Market Prices (Level 1) | Ashford Trust
Financial assets not measured at fair value:
Restricted Investment	24		57
Fair Value, Measurements, Recurring | Quoted Market Prices (Level 1) | Braemar
Financial assets not measured at fair value:
Restricted Investment	64		246
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Financial assets not measured at fair value:
Investments	0
Restricted Investment			0
Total	0
Financial liabilities not measured at fair value:
Contingent consideration	0		0
Subsidiary compensation plan			(74)
Deferred compensation plan	0		0
Total	0		(74)
Net	0		(74)
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Ashford Trust
Financial assets not measured at fair value:
Restricted Investment	0		0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Braemar
Financial assets not measured at fair value:
Restricted Investment	0		0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Financial assets not measured at fair value:
Investments	4,500
Restricted Investment			0
Total	4,500
Financial liabilities not measured at fair value:
Contingent consideration	(2,750)		(2,320)
Subsidiary compensation plan			0
Deferred compensation plan	0		0
Total	(2,750)		(2,320)
Net	1,750		(2,320)
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Ashford Trust
Financial assets not measured at fair value:
Restricted Investment	0		0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Braemar
Financial assets not measured at fair value:
Restricted Investment	$ 0		$ 0

Fair Value Measurements - Rollf

Fair Value Measurements - Rollforward of Investments (Details) - Investments - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2022 and June 30, 2023	$ 0	$ 0
Balance at September 30, 2023	4,500	4,500
TSGF L.P.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
TSGF L.P. investment	$ 4,500	$ 4,500

Fair Value Measurements - Rol_2

Fair Value Measurements - Rollforward of Contingent Consideration Liability (Details) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized gain (loss)	$ 559	$ (264)		$ 1,043	$ 157
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Measurement Input, Price Volatility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Business combination, contingent consideration, liability, measurement input (as a percent)	0.4815			0.4815
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Minimum | Measurement Input, Discount Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Business combination, contingent consideration, liability, measurement input (as a percent)	0.3601			0.3601
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Minimum | Measurement Input, Risk Free Interest Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Business combination, contingent consideration, liability, measurement input (as a percent)	0.0534			0.0534
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Maximum | Measurement Input, Discount Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Business combination, contingent consideration, liability, measurement input (as a percent)	0.3603			0.3603
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Maximum | Measurement Input, Risk Free Interest Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Business combination, contingent consideration, liability, measurement input (as a percent)	0.0547			0.0547
Contingent consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized gain (loss)	$ (130)	$ (300)	$ (300)	$ (430)	$ (300)
Contingent consideration | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(2,750)		(2,620)	(2,750)
Ending balance	$ (2,620)		$ (2,320)	$ (2,320)

Fair Value Measurements - Effec

Fair Value Measurements - Effect of Fair Value Measured Assets and Liabilities on the Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ (67)	$ 15		$ (77)	$ (56)
Unrealized gain (loss)	559	(264)		1,043	157
Net	492	(249)		966	101
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss)	(130)	(300)	$ (300)	(430)	(300)
Subsidiary compensation plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss)	0	(42)		(6)	(110)
Deferred compensation plan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss)	689	78		1,479	567
Restricted Investments | Ashford Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on investment	5	12		68	68
Realized gain (loss) on investment	(73)	(3)		(146)	(97)
Restricted Investments | Braemar
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on investment	8	6		15	(50)
Realized gain (loss) on investment	$ (7)	$ 0		$ (14)	$ 23

Fair Value Measurements - Restr

Fair Value Measurements - Restricted Investment (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 88	$ 303
Distributions of available-for-sale securities	210	365
Restricted Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Historical Cost	672	821
Gross Unrealized Gains	0	0
Gross Unrealized Losses	$ (584)	(518)
Fair Value		$ 303

Summary of Fair Value of Fina_3

Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Financial assets measured at fair value:
Restricted investment, Carrying value	$ 88	$ 303
Restricted investment, Fair value	88	303
Investments, Carrying Value	4,500	0
Investments, Fair Value	4,500	0
Financial liabilities measured at fair value:
Deferred compensation plan, Carrying value	1,370	2,849
Deferred compensation plan, Fair value	1,370	2,849
Contingent consideration, Carrying Value	3,750	2,320
Contingent consideration, Fair value	3,750	2,320
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	28,018	44,390	$ 44,071	$ 37,571
Cash and cash equivalents, Fair value	28,018	44,390
Restricted cash, Carrying value	36,215	37,058	$ 37,114	34,878
Restricted cash, Fair value	36,215	37,058
Accounts receivable, net, Carrying value	31,038	17,615
Accounts receivable, net, Fair value	31,038	17,615
Notes receivable, Carrying value	2,454	2,041
Notes receivable, Fair value	2,454	2,041
Investments in unconsolidated entities, Carrying value	7,542	4,217
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Carrying value	42,067	56,079
Accounts payable and accrued expenses, Fair value	42,067	56,079
Dividends payable, Carrying value	28,318	27,285
Dividends payable, Fair value	28,318	27,285
Claims liabilities and other, Carrying value	32,643	26,547
Claims liabilities and other, Fair value	32,643	26,547
Notes payable, Carrying value	127,499	99,102
Minimum
Financial liabilities not measured at fair value:
Notes payable, Fair value	121,124	94,147
Maximum
Financial liabilities not measured at fair value:
Notes payable, Fair value	$ 133,874	104,057
Maximum maturity period of financial assets (in days)	90 days
Other Affiliated Entities | Related Party
Financial assets not measured at fair value:
Due from related parties	$ 575	463
Due from related parties, Fair value	575	463
Financial liabilities not measured at fair value:
Due to affiliates and related party	49	15
Due to related parties, Fair value	49	15
Ashford Trust | Related Party
Financial assets not measured at fair value:
Due from related parties	7,625	0		2,600
Due from related parties, Fair value	7,625	0
Financial liabilities not measured at fair value:
Due to affiliates and related party	0	1,197
Due to related parties, Fair value	0	1,197
Braemar | Related Party
Financial assets not measured at fair value:
Due from related parties	0	11,828		$ 1,100
Due from related parties, Fair value	0	11,828
Financial liabilities not measured at fair value:
Due to affiliates and related party	3,533	0
Due to related parties, Fair value	$ 3,533	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) - Former Chief Operating Officer $ in Thousands	Aug. 05, 2022 USD ($)	Jul. 15, 2022 USD ($) installment	Sep. 30, 2023 USD ($)
Long-term Purchase Commitment [Line Items]
Cash termination payment	$ 750
Severance payments liability		$ 6,400	$ 2,700
Number of monthly installments | installment		24
Severance costs, monthly installment amount		$ 267

Equity (Deficit) - Noncontrolli

Equity (Deficit) - Noncontrolling Interest in Consolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Class of Stock [Line Items]
Total net (income) loss attributable to noncontrolling interests	$ 190	$ 272	$ 692	$ 830
OpenKey
Class of Stock [Line Items]
Total net (income) loss attributable to noncontrolling interests	187	223	647	677
Pure Wellness
Class of Stock [Line Items]
Total net (income) loss attributable to noncontrolling interests	(10)	49	32	153
TSGF L.P.
Class of Stock [Line Items]
Total net (income) loss attributable to noncontrolling interests	$ 13	$ 0	$ 13	$ 0

Mezzanine Equity - Redeemable N

Mezzanine Equity - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	$ (111)	$ (158)	$ (399)	$ (290)
Ashford Holdings
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests	$ (111)	$ (158)	$ (399)	$ (290)

Mezzanine Equity - Narrative (D

Mezzanine Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended		9 Months Ended
	Oct. 13, 2023	Jul. 12, 2023	Apr. 14, 2023	Apr. 15, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests					$ 111	$ 158	$ 399	$ 290
Aggregate preferred dividends - undeclared					19,619		19,619		$ 18,414
Payments of ordinary dividends, preferred stock							26,099	35,219
Dividends payable					28,318		28,318		27,285
Ashford Holdings
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests					111	158	399	290
Series CHP Units | Ashford Holdings
Redeemable Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests					172	$ 172	$ 516	$ 317
Series D Convertible Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Preferred stock, consent percentage							55%
Payments of ordinary dividends, preferred stock		$ 8,700	$ 8,700
Dividends payable					$ 28,300		$ 28,300		$ 27,100
Series D Convertible Preferred Stock | Subsequent Event
Redeemable Noncontrolling Interest [Line Items]
Payments of ordinary dividends, preferred stock	$ 8,700
Preferred stock, dividend rate (in dollars per share)	$ 0.455
Chesapeake
Redeemable Noncontrolling Interest [Line Items]
Equity interest issued (in shares)				378,000
Equity interest issued (in dollars per share)				$ 25
Convertible preferred units, dividend rate, percentage				7.28%
Preferred units, convertible, conversion price (in dollars per share)				$ 117.50
Convertible preferred units, dividend rate, percentage increase				10%
Consent of holders of units necessary for taking specified action, percent				50%
Remington | Series D Convertible Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Liquidation value (in dollars per share)					$ 25		$ 25
Dividend rate							7.28%
Share price (in dollars per share)					$ 117.50		$ 117.50
Increase in annual percentage							10%
Premier | Series D Convertible Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Redemption increments amount					$ 25,000		$ 25,000
Redemption price (in dollars per share)					$ 25.125		$ 25.125
Redemption, minimum business days before purchase closes (in days)							5 days

Mezzanine Equity - Preferred St

Mezzanine Equity - Preferred Stock Cumulative Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Preferred dividends - declared	$ 8,700	$ 0	$ 26,099	$ 35,219
Preferred dividends per share - declared (in dollars per share)	$ 0.4550	$ 0	$ 1.3650	$ 1.8420
Aggregate preferred dividends - undeclared	$ 19,619		$ 19,619		$ 18,414
Preferred dividends per share - undeclared (in dollars per share)	$ 1.0261		$ 1.0261		$ 0.9631

Equity-Based Compensation - Com

Equity-Based Compensation - Components of Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 3,493	$ 6,559	$ 12,111	$ 16,707
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	32	979	97	1,365
Employee Stock Option | Employee equity grant expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	428	896	1,308	1,725
Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	464	1,921	1,944	3,591
Stock Compensation Plan | REIT equity-based compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	3,029	4,638	10,167	13,116
Stock Compensation Plan | Director and other non-employee equity grants expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	4	$ 46	539	$ 501
Class 2 LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, stock options	189		$ 189
Period for recognition (in years)			1 year 6 months
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition (in years)			1 year 10 months 24 days
Unrecognized compensation expense, other than options	$ 3,000		$ 3,000

Deferred Compensation Plan - DC

Deferred Compensation Plan - DCP Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Unrealized gain (loss)	$ 559	$ (264)	$ 1,043	$ 157
Deferred compensation plan liability	1,370		1,370		$ 2,849
Matching expenses incurred	0	0	0	0
Deferred compensation plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Unrealized gain (loss)	$ 689	$ 78	$ 1,479	$ 567

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands					1 Months Ended	3 Months Ended					9 Months Ended
	Mar. 30, 2023	Mar. 02, 2023	Jan. 27, 2022	Dec. 31, 2020	Jun. 30, 2023	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Jan. 03, 2023	Dec. 31, 2021
Related Party Transaction [Line Items]
Total revenues						$ 181,215			$ 164,608		$ 559,047	$ 466,020
Deferred income						673		$ 444			673
Allocation percentage			10%	50%
Operating lease right-of-use assets						$ 22,140		23,844			$ 22,140
Consolidation, Eliminations
Related Party Transaction [Line Items]
Operating lease liability													$ 17,200
RHC | Consolidation, Eliminations
Related Party Transaction [Line Items]
Operating lease right-of-use assets													$ 17,200
Affiliated Entity
Related Party Transaction [Line Items]
Prior contributions made	$ 2,500
Cash incentive compensation limit		$ 13,100
Braemar
Related Party Transaction [Line Items]
Allocation percentage			45%	50%
Reimbursement of contribution	8,700
Braemar | OpenKey
Related Party Transaction [Line Items]
Noncontrolling interests in consolidated entities						7.92%					7.92%
Ashford Trust
Related Party Transaction [Line Items]
Allocation percentage			45%	0%
Ashford Trust | OpenKey
Related Party Transaction [Line Items]
Noncontrolling interests in consolidated entities						15.06%					15.06%
Ashford Trust
Related Party Transaction [Line Items]
Total revenues						$ 90,439			81,754		$ 270,356	241,920
Amount paid	6,200
Amount received											166
Property and equipment, net							$ 1,500	3,100		$ 1,100
Purchased FF&E							$ 450	1,000		$ 406
Loss on sale of FF&E											1,000	706
Ashford Trust | Affiliated Entity
Related Party Transaction [Line Items]
Prior contributions made	$ 6,200
Ashford Trust | Related Party
Related Party Transaction [Line Items]
Term of agreement (in years)					12 months
Deferred income						360					360
Due from related parties						7,625		0			7,625			$ 2,600
Ashford Trust | Ashford Trust FF&E 1 | Related Party
Related Party Transaction [Line Items]
Due from related parties						1,000					1,000
Ashford Trust | Ashford Trust FF&E 2 | Related Party
Related Party Transaction [Line Items]
Due from related parties						450					450
Lismore Capital LLC and Ashford Trust
Related Party Transaction [Line Items]
Total revenues									125			2,400
Lismore Capital LLC and Ashford Trust | Braemar
Related Party Transaction [Line Items]
Aggregate amount of transaction						0					150
Lismore Capital LLC and Ashford Trust | Ashford Trust
Related Party Transaction [Line Items]
Aggregate amount of transaction						0					525
Braemar
Related Party Transaction [Line Items]
Total revenues						20,660			26,659		62,188	62,663
Amount received											19,400
Braemar | Related Party
Related Party Transaction [Line Items]
Term of agreement (in years)					12 months
Deferred income						100					100
Due from related parties						0		$ 11,828			$ 0			$ 1,100
Ashford Trust and Braemar | Maximum
Related Party Transaction [Line Items]
Amount committed			$ 18,000
Remington
Related Party Transaction [Line Items]
Base management fees, percentage of hotel revenues											3%
Aggregate amount of transaction						115			100		$ 316	290
Remington | Braemar
Related Party Transaction [Line Items]
Total revenues						7,480			6,964		20,465	21,157
Hotel management fees
Related Party Transaction [Line Items]
Total revenues						12,391			12,876		39,456	33,474
Hotel management fees | Ashford Trust
Related Party Transaction [Line Items]
Total revenues						6,751			7,606		22,892	21,885
Hotel management fees | Braemar
Related Party Transaction [Line Items]
Total revenues						670			838		1,883	2,797
Hotel management fees | Remington
Related Party Transaction [Line Items]
Monthly hotel management fee											17
Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues						107,866			96,651		317,094	259,979
Cost reimbursement revenue | Ashford Trust
Related Party Transaction [Line Items]
Total revenues						70,196			61,687		206,857	181,613
Amount received						1,900			3,500		3,900	2,300
Cost reimbursement revenue | Ashford Trust | Dealer Manager Fees
Related Party Transaction [Line Items]
Amount received						572					1,400
Cost reimbursement revenue | Braemar
Related Party Transaction [Line Items]
Total revenues						12,747			19,404		39,409	42,523
Amount received						938			8,100		5,200	10,800
Cost reimbursement revenue | Braemar | Dealer Manager Fees
Related Party Transaction [Line Items]
Amount received						2,000					2,000
Cost reimbursement revenue | Remington | Consolidation, Eliminations
Related Party Transaction [Line Items]
Total revenues						2,800			3,500		8,800	9,600
Other revenue
Related Party Transaction [Line Items]
Total revenues						11,175			10,391		32,057	33,902
Design and construction fees
Related Party Transaction [Line Items]
Total revenues						7,430			6,276		21,964	15,538
Design and construction fees | Ashford Trust
Related Party Transaction [Line Items]
Total revenues						4,532			3,065		12,771	7,881
Design and construction fees | Braemar
Related Party Transaction [Line Items]
Total revenues						1,690			2,387		5,973	5,352
Design and construction fees | Remington | Ashford Trust
Related Party Transaction [Line Items]
Total revenues						$ 69,490			$ 66,888		$ 208,728	$ 189,375

Related Party Transactions - Su

Related Party Transactions - Summary of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Total revenues	$ 181,215	$ 164,608	$ 559,047	$ 466,020
Advisory agreement, amount due upon approval	5,000		$ 5,000
Advisory agreement, initial term (in years)			10 years
Remington
Related Party Transaction [Line Items]
Base management fees, percentage of hotel revenues			3%
Incentive management fee, percentage of hotel revenues			1%
INSPIRE
Related Party Transaction [Line Items]
Total revenues			$ 112,506	87,235
Base fees
Related Party Transaction [Line Items]
Total revenues	9,159	9,285	28,557	24,943
Incentive fees
Related Party Transaction [Line Items]
Total revenues	925	2,242	3,966	6,113
Hotel management fees
Related Party Transaction [Line Items]
Total revenues	12,391	12,876	39,456	33,474
Design and construction fees
Related Party Transaction [Line Items]
Total revenues	7,430	6,276	21,964	15,538
Other
Related Party Transaction [Line Items]
Total revenues	11,175	10,391	32,057	33,902
Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues	107,866	96,651	317,094	259,979
Audio visual
Related Party Transaction [Line Items]
Total revenues	30,641	26,159	112,347	87,101
Audio visual | INSPIRE
Related Party Transaction [Line Items]
Total revenues	30,694	26,197
Ashford Trust
Related Party Transaction [Line Items]
Total revenues	90,439	81,754	270,356	241,920
Cost of revenues	2,012	1,833	7,205	5,506
Ashford Trust | Advisory
Related Party Transaction [Line Items]
Total revenues	12,096	12,221	36,799	37,381
Ashford Trust | OpenKey
Related Party Transaction [Line Items]
Total revenues	30	29	89	93
Ashford Trust | Corporate and Other
Related Party Transaction [Line Items]
Total revenues	2,637	(3,075)	6,634	1,716
Ashford Trust | Base fees
Related Party Transaction [Line Items]
Total revenues	6,020	6,230	19,428	17,805
Ashford Trust | Incentive fees
Related Party Transaction [Line Items]
Total revenues	731	1,376	3,464	4,080
Ashford Trust | Hotel management fees
Related Party Transaction [Line Items]
Total revenues	6,751	7,606	22,892	21,885
Ashford Trust | Design and construction fees
Related Party Transaction [Line Items]
Total revenues	4,532	3,065	12,771	7,881
Ashford Trust | Design and construction fees | Remington
Related Party Transaction [Line Items]
Total revenues	69,490	66,888	208,728	189,375
Ashford Trust | Design and construction fees | Premier
Related Party Transaction [Line Items]
Total revenues	6,125	5,593	17,927	13,073
Ashford Trust | Design and construction fees | INSPIRE
Related Party Transaction [Line Items]
Total revenues	28	19	84	74
Ashford Trust | Design and construction fees | RED
Related Party Transaction [Line Items]
Total revenues	33	79	95	208
Ashford Trust | Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues	70,196	61,687	206,857	181,613
Ashford Trust | Audio visual | Advisory
Related Party Transaction [Line Items]
Total revenues	4,502	4,267	16,785	12,903
Ashford Trust | Base advisory fees | Advisory services fees
Related Party Transaction [Line Items]
Total revenues	8,121	8,855	24,839	26,202
Ashford Trust | Total other revenue | Other
Related Party Transaction [Line Items]
Total revenues	839	541	2,997	4,339
Ashford Trust | Watersports, ferry and excursion services | Other
Related Party Transaction [Line Items]
Total revenues	21	74	58	198
Ashford Trust | Debt placement and related fees | Other
Related Party Transaction [Line Items]
Total revenues	377	125	1,677	3,108
Ashford Trust | Cash management fees | Other
Related Party Transaction [Line Items]
Total revenues	19	0	106	0
Ashford Trust | Claims management services | Other
Related Party Transaction [Line Items]
Total revenues	3	0	4	15
Ashford Trust | Other services | Other
Related Party Transaction [Line Items]
Total revenues	419	342	1,152	1,018
Braemar
Related Party Transaction [Line Items]
Total revenues	20,660	26,659	62,188	62,663
Braemar | Advisory
Related Party Transaction [Line Items]
Total revenues	7,042	7,830	23,517	21,285
Braemar | Remington
Related Party Transaction [Line Items]
Total revenues	7,480	6,964	20,465	21,157
Braemar | Premier
Related Party Transaction [Line Items]
Total revenues	3,222	3,080	9,397	7,231
Braemar | INSPIRE
Related Party Transaction [Line Items]
Total revenues	26	19	75	60
Braemar | RED
Related Party Transaction [Line Items]
Total revenues	570	577	1,898	1,855
Braemar | OpenKey
Related Party Transaction [Line Items]
Total revenues	8	9	28	28
Braemar | Corporate and Other
Related Party Transaction [Line Items]
Total revenues	2,312	8,180	6,808	11,047
Braemar | Base fees
Related Party Transaction [Line Items]
Total revenues	670	715	1,883	2,210
Braemar | Incentive fees
Related Party Transaction [Line Items]
Total revenues	0	123	0	587
Braemar | Hotel management fees
Related Party Transaction [Line Items]
Total revenues	670	838	1,883	2,797
Braemar | Design and construction fees
Related Party Transaction [Line Items]
Total revenues	1,690	2,387	5,973	5,352
Braemar | Other
Related Party Transaction [Line Items]
Cost of revenues	364	272	1,415	717
Braemar | Cost reimbursement revenue
Related Party Transaction [Line Items]
Total revenues	12,747	19,404	39,409	42,523
Braemar | Audio visual
Related Party Transaction [Line Items]
Cost of revenues	915	1,081	3,330	2,837
Braemar | Audio visual | Advisory
Related Party Transaction [Line Items]
Total revenues	2,276	2,549	8,291	6,858
Braemar | Total advisory services revenue | Advisory services fees
Related Party Transaction [Line Items]
Total revenues	3,591	3,400	11,290	9,824
Braemar | Base advisory fees | Advisory services fees
Related Party Transaction [Line Items]
Total revenues	3,393	3,269	10,700	9,435
Braemar | Incentive fees | Advisory services fees
Related Party Transaction [Line Items]
Total revenues	67	0	201	0
Braemar | Other advisory revenue | Advisory services fees
Related Party Transaction [Line Items]
Total revenues	131	131	389	389
Braemar | Total other revenue | Other
Related Party Transaction [Line Items]
Total revenues	1,962	630	3,633	2,167
Braemar | Watersports, ferry and excursion services | Other
Related Party Transaction [Line Items]
Total revenues	559	574	1,866	1,848
Braemar | Watersports, ferry and excursion services | Other | Advisory
Related Party Transaction [Line Items]
Total revenues	684	458	2,198	1,669
Braemar | Debt placement and related fees | Other
Related Party Transaction [Line Items]
Total revenues	1,337	0	1,448	190
Braemar | Cash management fees | Other
Related Party Transaction [Line Items]
Total revenues	15	0	107	0
Braemar | Claims management services | Other
Related Party Transaction [Line Items]
Total revenues	2	0	2	1
Braemar | Other services | Other
Related Party Transaction [Line Items]
Total revenues	$ 49	$ 56	$ 210	$ 128

Related Party Transactions - _2

Related Party Transactions - Summary of Assets and Liabilities in Asset Acquisition (Details) - RHC $ in Thousands	Jan. 03, 2023 USD ($)
Business Acquisition [Line Items]
Restricted cash	$ 849
Property and equipment, net	2,183
Operating lease right-of-use assets	15,017
Total assets acquired	18,049
Operating lease liabilities, current	17,200
Other liabilities	849
Total assumed liabilities	18,049
Net assets acquired	$ 0

Income (Loss) Per Share - Basic

Income (Loss) Per Share - Basic and Diluted Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income (loss) attributable to common stockholders – basic and diluted:
Net income (loss) attributable to the Company	$ (2,991)	$ (989)	$ (100)	$ 5,441
Less: Dividends on preferred stock, declared and undeclared	(9,054)	(9,029)	(27,132)	(27,422)
Undistributed net income (loss) allocated to common stockholders	(12,045)	(10,018)	(27,232)	(21,981)
Distributed and undistributed net income (loss) - basic	(12,045)	(10,018)	(27,232)	(21,981)
Effect of deferred compensation plan	0	0	(1,509)	(620)
Distributed and undistributed net income (loss) - diluted	$ (12,045)	$ (10,018)	$ (28,741)	$ (22,601)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	3,116	2,960	3,065	2,895
Effect of deferred compensation plan shares (in shares)	0	0	65	65
Weighted average common shares outstanding – diluted (in shares)	3,116	2,960	3,130	2,960
Income (loss) per share – basic:
Net income (loss) allocated to common stockholders (in dollars per share)	$ (3.87)	$ (3.38)	$ (8.88)	$ (7.59)
Income (loss) per share – diluted:
Net income (loss) allocated to common stockholders (in dollars per share)	$ (3.87)	$ (3.38)	$ (9.18)	$ (7.64)

Income (Loss) Per Share - Dilut

Income (Loss) Per Share - Diluted Income (Loss) Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) allocated to common stockholders	$ 9,211	$ 9,187	$ 28,073	$ 27,712
Dividends on preferred stock, declared and undeclared	$ 9,054	$ 9,029	$ 27,132	$ 27,422
Weighted average diluted shares (in shares)	4,807	4,554	4,680	4,548
Effect of assumed conversion of Ashford Holdings units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) allocated to common stockholders	$ 111	$ 158	$ 399	$ 290
Weighted average diluted shares (in shares)	97	89	96	56
Effect of unvested restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average diluted shares (in shares)	13	82	18	87
Effect of conversion of subsidiary interests
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) allocated to common stockholders	$ 46	$ 0	$ 542	$ 0
Weighted average diluted shares (in shares)	463	125	336	116
Effect of assumed conversion of preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average diluted shares (in shares)	4,234	4,258	4,230	4,289

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segment Reporting Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 Reportable_segment	Sep. 30, 2023 segment	Sep. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments				6	6
REVENUE
Total revenues	$ 181,215	$ 164,608	$ 559,047			$ 466,020
EXPENSES
Depreciation and amortization	7,084	8,096	21,074			23,740
Other operating expenses	65,658	57,141	209,181			164,535
Reimbursed expenses	107,869	96,576	317,023			259,665
Total expenses	180,611	161,813	547,278			447,940
OPERATING INCOME (LOSS)	604	2,795	11,769			18,080
Equity in earnings (loss) of unconsolidated entities	(327)	(147)	(1,174)			110
Interest expense	(3,650)	(2,966)	(9,909)			(6,781)
Amortization of loan costs	(269)	(219)	(775)			(524)
Interest income	522	76	1,239			195
Realized gain (loss) on investments	(80)	(3)	(160)			(74)
Other income (expense)	(75)	(22)	259			(134)
INCOME (LOSS) BEFORE INCOME TAXES	(3,275)	(486)	1,249			10,872
Income tax (expense) benefit	205	(617)	(1,642)			(5,971)
NET INCOME (LOSS)	(3,070)	(1,103)	(393)			4,901
Advisory | Operating Segments
REVENUE
Total revenues	19,138	20,053	60,316			58,668
EXPENSES
Depreciation and amortization	368	853	1,253			2,558
Other operating expenses	0	0	1,032			706
Reimbursed expenses	7,389	7,723	23,896			22,312
Total expenses	7,757	8,576	26,181			25,576
OPERATING INCOME (LOSS)	11,381	11,477	34,135			33,092
Equity in earnings (loss) of unconsolidated entities	0	0	0			0
Interest expense	0	0	0			0
Amortization of loan costs	0	0	0			0
Interest income	0	0	0			0
Realized gain (loss) on investments	0	0	0			0
Other income (expense)	0	0	0			0
INCOME (LOSS) BEFORE INCOME TAXES	11,381	11,477	34,135			33,092
Income tax (expense) benefit	(2,780)	(2,849)	(8,244)			(8,196)
NET INCOME (LOSS)	8,601	8,628	25,891			24,896
Remington | Operating Segments
REVENUE
Total revenues	106,812	93,756	314,454			255,062
EXPENSES
Depreciation and amortization	3,006	3,288	8,836			9,107
Other operating expenses	7,936	6,971	24,324			17,216
Reimbursed expenses	94,421	80,880	274,995			221,407
Total expenses	105,363	91,139	308,155			247,730
OPERATING INCOME (LOSS)	1,449	2,617	6,299			7,332
Equity in earnings (loss) of unconsolidated entities	0	0	0			0
Interest expense	0	0	0			0
Amortization of loan costs	0	0	0			0
Interest income	44	38	99			145
Realized gain (loss) on investments	(80)	(3)	(160)			(74)
Other income (expense)	13	18	84			18
INCOME (LOSS) BEFORE INCOME TAXES	1,426	2,670	6,322			7,421
Income tax (expense) benefit	(314)	(256)	(1,531)			(251)
NET INCOME (LOSS)	1,112	2,414	4,791			7,170
Premier | Operating Segments
REVENUE
Total revenues	10,605	9,582	30,780			22,893
EXPENSES
Depreciation and amortization	2,882	2,978	8,648			8,914
Other operating expenses	4,700	3,071	14,227			9,787
Reimbursed expenses	3,175	3,306	8,816			7,355
Total expenses	10,757	9,355	31,691			26,056
OPERATING INCOME (LOSS)	(152)	227	(911)			(3,163)
Equity in earnings (loss) of unconsolidated entities	0	0	0			0
Interest expense	0	0	0			0
Amortization of loan costs	0	0	0			0
Interest income	0	0	0			0
Realized gain (loss) on investments	0	0	0			0
Other income (expense)	0	0	0			0
INCOME (LOSS) BEFORE INCOME TAXES	(152)	227	(911)			(3,163)
Income tax (expense) benefit	8	(112)	182			(678)
NET INCOME (LOSS)	(144)	115	(729)			(3,841)
INSPIRE
REVENUE
Total revenues			112,506			87,235
INSPIRE | Operating Segments
REVENUE
Total revenues	30,694	26,197	112,506			87,235
EXPENSES
Depreciation and amortization	490	418	1,420			1,358
Other operating expenses	31,615	25,571	104,425			76,377
Reimbursed expenses	53	38	159			134
Total expenses	32,158	26,027	106,004			77,869
OPERATING INCOME (LOSS)	(1,464)	170	6,502			9,366
Equity in earnings (loss) of unconsolidated entities	0	0	0			0
Interest expense	(438)	(345)	(1,109)			(860)
Amortization of loan costs	(42)	(23)	(121)			(93)
Interest income	0	0	0			0
Realized gain (loss) on investments	0	0	0			0
Other income (expense)	(85)	(91)	(155)			(95)
INCOME (LOSS) BEFORE INCOME TAXES	(2,029)	(289)	5,117			8,318
Income tax (expense) benefit	907	53	(3,000)			(3,318)
NET INCOME (LOSS)	(1,122)	(236)	2,117			5,000
RED | Operating Segments
REVENUE
Total revenues	8,398	6,616	25,866			20,354
EXPENSES
Depreciation and amortization	308	175	775			501
Other operating expenses	8,130	5,895	23,412			16,633
Reimbursed expenses	23	8	69			17
Total expenses	8,461	6,078	24,256			17,151
OPERATING INCOME (LOSS)	(63)	538	1,610			3,203
Equity in earnings (loss) of unconsolidated entities	0	0	0			0
Interest expense	(445)	(195)	(1,138)			(537)
Amortization of loan costs	(10)	(10)	(30)			(41)
Interest income	0	0	0			0
Realized gain (loss) on investments	0	0	0			0
Other income (expense)	0	(1)	422			(41)
INCOME (LOSS) BEFORE INCOME TAXES	(518)	332	864			2,584
Income tax (expense) benefit	263	192	(16)			(680)
NET INCOME (LOSS)	(255)	524	848			1,904
OpenKey | Operating Segments
REVENUE
Total revenues	373	389	1,184			1,184
EXPENSES
Depreciation and amortization	3	3	9			9
Other operating expenses	1,163	1,362	3,891			4,024
Reimbursed expenses	0	0	0			4
Total expenses	1,166	1,365	3,900			4,037
OPERATING INCOME (LOSS)	(793)	(976)	(2,716)			(2,853)
Equity in earnings (loss) of unconsolidated entities	0	0	0			0
Interest expense	(7)	0	(12)			0
Amortization of loan costs	0	0	0			0
Interest income	0	0	0			0
Realized gain (loss) on investments	0	0	0			0
Other income (expense)	(3)	0	(64)			4
INCOME (LOSS) BEFORE INCOME TAXES	(803)	(976)	(2,792)			(2,849)
Income tax (expense) benefit	0	0	0			0
NET INCOME (LOSS)	(803)	(976)	(2,792)			(2,849)
Corporate and Other | Operating Segments
REVENUE
Total revenues	5,195	8,015	13,941			20,624
EXPENSES
Depreciation and amortization	27	381	133			1,293
Other operating expenses	12,114	14,271	37,870			39,792
Reimbursed expenses	2,808	4,621	9,088			8,436
Total expenses	14,949	19,273	47,091			49,521
OPERATING INCOME (LOSS)	(9,754)	(11,258)	(33,150)			(28,897)
Equity in earnings (loss) of unconsolidated entities	(327)	(147)	(1,174)			110
Interest expense	(2,760)	(2,426)	(7,650)			(5,384)
Amortization of loan costs	(217)	(186)	(624)			(390)
Interest income	478	38	1,140			50
Realized gain (loss) on investments	0	0	0			0
Other income (expense)	0	52	(28)			(20)
INCOME (LOSS) BEFORE INCOME TAXES	(12,580)	(13,927)	(41,486)			(34,531)
Income tax (expense) benefit	2,121	2,355	10,967			7,152
NET INCOME (LOSS)	(10,459)	(11,572)	(30,519)			(27,379)
Advisory services fees
REVENUE
Total revenues	11,712	12,255	36,129			36,026
Advisory services fees | Advisory | Operating Segments
REVENUE
Total revenues	11,712	12,255	36,129			36,026
Advisory services fees | Remington | Operating Segments
REVENUE
Total revenues	0	0	0			0
Advisory services fees | Premier | Operating Segments
REVENUE
Total revenues	0	0	0			0
Advisory services fees | INSPIRE | Operating Segments
REVENUE
Total revenues	0	0	0			0
Advisory services fees | RED | Operating Segments
REVENUE
Total revenues	0	0	0			0
Advisory services fees | OpenKey | Operating Segments
REVENUE
Total revenues	0	0	0			0
Advisory services fees | Corporate and Other | Operating Segments
REVENUE
Total revenues	0	0	0			0
Hotel management fees
REVENUE
Total revenues	12,391	12,876	39,456			33,474
Hotel management fees | Advisory | Operating Segments
REVENUE
Total revenues	0	0	0			0
Hotel management fees | Remington | Operating Segments
REVENUE
Total revenues	12,391	12,876	39,456			33,474
Hotel management fees | Premier | Operating Segments
REVENUE
Total revenues	0	0	0			0
Hotel management fees | INSPIRE | Operating Segments
REVENUE
Total revenues	0	0	0			0
Hotel management fees | RED | Operating Segments
REVENUE
Total revenues	0	0	0			0
Hotel management fees | OpenKey | Operating Segments
REVENUE
Total revenues	0	0	0			0
Hotel management fees | Corporate and Other | Operating Segments
REVENUE
Total revenues	0	0	0			0
Design and construction fees
REVENUE
Total revenues	7,430	6,276	21,964			15,538
Design and construction fees | Advisory | Operating Segments
REVENUE
Total revenues	0	0	0			0
Design and construction fees | Remington | Operating Segments
REVENUE
Total revenues	0	0	0			0
Design and construction fees | Premier | Operating Segments
REVENUE
Total revenues	7,430	6,276	21,964			15,538
Design and construction fees | INSPIRE | Operating Segments
REVENUE
Total revenues	0	0	0			0
Design and construction fees | RED | Operating Segments
REVENUE
Total revenues	0	0	0			0
Design and construction fees | OpenKey | Operating Segments
REVENUE
Total revenues	0	0	0			0
Design and construction fees | Corporate and Other | Operating Segments
REVENUE
Total revenues	0	0	0			0
Audio visual
REVENUE
Total revenues	30,641	26,159	112,347			87,101
Audio visual | Advisory | Operating Segments
REVENUE
Total revenues	0	0	0			0
Audio visual | Remington | Operating Segments
REVENUE
Total revenues	0	0	0			0
Audio visual | Premier | Operating Segments
REVENUE
Total revenues	0	0	0			0
Audio visual | INSPIRE
REVENUE
Total revenues	30,694	26,197
Audio visual | INSPIRE | Operating Segments
REVENUE
Total revenues	30,641	26,159	112,347			87,101
Audio visual | RED | Operating Segments
REVENUE
Total revenues	0	0	0			0
Audio visual | OpenKey | Operating Segments
REVENUE
Total revenues	0	0	0			0
Audio visual | Corporate and Other | Operating Segments
REVENUE
Total revenues	0	0	0			0
Other
REVENUE
Total revenues	11,175	10,391	32,057			33,902
Other | Advisory | Operating Segments
REVENUE
Total revenues	40	0	220			16
Other | Remington | Operating Segments
REVENUE
Total revenues	0	0	3			181
Other | Premier | Operating Segments
REVENUE
Total revenues	0	0	0			0
Other | INSPIRE | Operating Segments
REVENUE
Total revenues	0	0	0			0
Other | RED | Operating Segments
REVENUE
Total revenues	8,375	6,608	25,797			20,337
Other | OpenKey | Operating Segments
REVENUE
Total revenues	373	389	1,184			1,180
Other | Corporate and Other | Operating Segments
REVENUE
Total revenues	2,387	3,394	4,853			12,188
Cost reimbursement revenue
REVENUE
Total revenues	107,866	96,651	317,094			259,979
Cost reimbursement revenue | Advisory | Operating Segments
REVENUE
Total revenues	7,386	7,798	23,967			22,626
Cost reimbursement revenue | Remington | Operating Segments
REVENUE
Total revenues	94,421	80,880	274,995			221,407
Cost reimbursement revenue | Remington | Consolidation, Eliminations
REVENUE
Total revenues	2,800	3,500	8,800			9,600
Cost reimbursement revenue | Premier | Operating Segments
REVENUE
Total revenues	3,175	3,306	8,816			7,355
Cost reimbursement revenue | INSPIRE | Operating Segments
REVENUE
Total revenues	53	38	159			134
Cost reimbursement revenue | RED | Operating Segments
REVENUE
Total revenues	23	8	69			17
Cost reimbursement revenue | OpenKey | Operating Segments
REVENUE
Total revenues	0	0	0			4
Cost reimbursement revenue | Corporate and Other | Operating Segments
REVENUE
Total revenues	$ 2,808	$ 4,621	$ 9,088			$ 8,436

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) $ in Millions	Nov. 09, 2023 USD ($)
Subsequent Event | Secured Debt | Credit Facility Due April 2027 | Line of Credit
Subsequent Event [Line Items]
Proceeds from long-term lines of credit	$ 13